Why must I complete a Statement of Information form?
The information is needed by the title insurance company to enable them to eliminate those matters (judgments and liens) which may appear on the County records against persons having similar names.
What does Allan Erdy Escrow do with my Grant Deed after I sign it?
The Grant Deed is held in our safekeeping until all the terms of the transaction have been met and the escrow is ready to close. It is then recorded at the close of escrow. Your escrow officer will be happy to notarize the deed for you. Please call for an appointment. [See Contact]
Who cancels my existing Fire Insurance Policy?
You should contact your insurance agent for cancellation of your Policy and any refund due you after the close of escrow.
When do I get my proceeds check from Allan Erdy Escrow?
Your proceeds check is drawn on our Trust Account and will usually be available the day your escrow closes. In the event your escrow closes on a "special" recording or concurrently with another escrow, please check with your escrow officer as to when your check will be ready.
Who do I give my keys to at the close of escrow?
You will need to contact your Real Estate Agent to work out the details.
When do I vacate my property?
You will need to coordinate moving with your Real Estate Agent. Possession dates are specified in your Purchase Contract.
Do I notify anyone if I make any loan payments to my lender after my home is in escrow?
Yes! Please make payments to your lender in the form of a Bank or Cashier's Check and notify your escrow officer immediately. Your escrow officer will be requesting payoff figures in writing and your lender may not notify your escrow holder when another payment has been received. Making your payment with a Bank or Cashier's Check may avoid the withholding of funds that may be required by your lender for check clearance.
What happens if I do NOT make my loan payments after my house is in escrow?
A late charge will be assessed and will be included with the total payoff to your lender. Your loan will be paid off in full when escrow closes. The payoff amount will include the unpaid principal balance owed, plus interest from the due date of the last payment you made, as well as any late charges, if applicable.
NOTE: Interest on loan payments is always paid in arrears (ie. when you make the payment due on September 1, it covers the period fro August 1 - August 31.)
Does Allan Erdy Escrow have a notary service?
Yes! We will be happy to notarize any documents needed in connection with your escrow. Fyi...in order for you to have documents notarized, you will need to bring a current Driver's License or Current Passport with you.
NOTE: An appointment is always needed. Please contact your escrow officer to set up a time to meet. [See Contact]
If the property I am selling was held as investment property, do I need to be concerned with Internal Revenue Code Section 1031?
Yes. Please contact your CPA and/or Tax Attorney to see if this code section affects your transaction.
What should I do with my current Property Tax Bill?
If the installment is still due you may either send it to your escrow officer to be forwarded to the Buyer, or forward it to the Buyer directly.
What is Allan Erdy Escrow's function as escrow holder?
Our responsibility is to act as a neutral third party and carry out the mutual written instructions of the Buyer and Seller.
Allan Erdy Escrow receives documents, lender's instructions, Title reports and act as a depository for money.
When we receive all documents required by written instruction, all written instructions have been complied with and all funds have been deposited into escrow, we will then "Close" the escrow and prepare the Closing Statements showing all disbursements and charges.