DEEPER IN ESCROW! | Everything you need to know

by | Aug 14, 2021 | Uncategorized | 0 comments

Full Video Description:

#Escrow #RealEstate #HomeBuyers #HomeOwners

TIME STAMP:
00:22 – when a buyer enters into a contract
00:35 – How soon do I have to put utilities under my name
01:33 – What happens during ESCROW

This video will answer some of your questions about Escrow and how it works. If you have other questions don’t hesitate to leave a comment on the comment section, we’ll read the comments and would be happy to create a video answering those questions for you! If you want more Real Estate Tip, Home Buying, Home Selling, First time home buyer tips, consider SUBSCRIBING!

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Transcription:

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Hey guys today, I’m going to
be talking deeper into escrow.

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A buyer enters a contract to buy a home.

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The contract states within three
business days, you have to put

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the down the deposit into escrow.

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And typically the deposit is anywhere
between one to 3% of the purchase price.

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How soon do I have to put utilities?

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So typically for PG knees, the
easiest and quickest you can do that.

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You just give them a call and they,
you know, activate your PGD though.

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Water is something that you have
to do during the week, or they’re

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typically not open on the weekend
and you want to make sure the seller

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doesn’t turn the water off and you
have to deal with getting it back on.

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So you it’s okay.

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If there’s a little bit of an overlap, you
just give them a call and especially if

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the house is vacant, no one’s using them.

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I would just recommend my buyer to
call a couple of days ahead of closing

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and let them know that they’re going
to be taking over that account.

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And the one that you kind of have
to get a headstart is, um, cable or

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Comcast, anything that you’re going
to do for internet or cable, usually

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there going to be, um, maybe a week out.

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Depending on their schedule.

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So if you know that you’re going to want
your wifi and your cable, as soon as

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you move in, uh, you want to plan ahead.

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And especially we, you know,
we know the closing date and

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start making that appointment.

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What happens during escrow?

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So the escrow company,
there’s numerous ones.

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There’s a fidelity that they won
first American title, old Republic.

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Um, we have one here called cornerstone.

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So the purpose of them, they’re
a third party neutral party that

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basically facilitates the transaction.

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So they’re not, they’re not on
the buyer side or the seller side.

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They just take instructions and make
sure that everything is accounted for.

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Um, and so at the beginning we
open escrow, um, kind of get like

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a timeline of all the time periods
of, you know, whenever we’re

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going to release inspections, um,
loan contingency, and basically.

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Escrow company, they, they run background
checks to make sure there’s no liens

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and there’s no judgments, maybe child
support, maybe there’s a past lawsuit

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and they make sure that everything,
the title is going to transfer.

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It’s clear on both sides.

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And so it’s not only on the seller,
but sometimes the buyer might have some

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outstanding stuff that needs to be taken
care of so they can have a clear title.

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And at the end there’s
going to be a notary.

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It used to always be at the title company,
but nowadays they’re doing a lot more.

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Mobile notaries.

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And once all that is signed that
completed, that’s when the title company

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can actually close escrow, if the term and
they re record the new owner, um, with the

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county, uh, and then once that’s recorded,
uh, all the funds are transferred.

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Then we can hand the keys to the new one.

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Thanks for watching my video to learn
more tips and tricks, how to save

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00:03:11,340 –> 00:03:15,179
money or make money in any real estate
market please like, and subscribe.

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Um, my goal is to keep giving you
valuable content that you can use.

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Any questions, please comment.

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Thank you.