Here is a story from the escrow trenches about a third party who was dictating how an escrow officer should handle their mutual clients’ funds. Demands made while not understanding the escrow process almost jeopardized the whole transaction at its final stages. So, who is the Escrow Officer in this transaction?
Giving a Power of Attorney is an act of faith. Is it really necessary? Whatever the attorney-in-fact signs for you, it is deemed your signature in a court of law. If you do give one out, what are some tips you should think about?
What is the difference between a Purchase Contract and an Escrow Instructions? Do I need both? Should the lender require that an escrow transaction have a document named “Purchase Contract”? Why won’t they accept that the escrow instruction is an agreement to purchase between Buyer and Seller with Escrow acting as the neutral third party?
Here is a story that shows how delicately one should set up dominos, so that when the push is given to complete the ripple, they fall correctly. Like dominoes, escrows have to be handled carefully and precisely or the closing will be awkward and not smooth as projected. This is important for one escrow, but … Read more
Do you know who your seller is? Did you have a chance to check the title when you took a listing? In my Escrow Tip #10 – “Who’s My Seller” – we gave you examples of Sellers who decided to change their ownership as they entered into a transaction. In this session, I talk about … Read more
You would think that in the sale of a property, who the Seller is should be pretty easy. It’s the person on the latest ownership deed, right? Maybe not! Just in one week we opened 2 transactions in which the Sellers changed on us after the escrow was opened. So let’s talk about this and … Read more
Money Talks! But what is it saying? We need to have an understanding of the 6 W’s – Who, What, Where, When, and Why and even a Why, Not? – of this money that is deposited in the purchase of property or business. Because it is MONEY people get worried and very particular about how … Read more
Too many times we are called upon to prepare a power of attorney, a legal document that gives another person the right to act on your behalf, representing you in all aspects that are stated on the form. This form may be a necessity in many cases, especially during the 2020 COVID -19 pandemic, but … Read more
Are you, like most of us, unclear of whether a property is a Condo, a Townhome or a PUD? And what the heck is a Co-op? When the prices for standard single family homes rises, many are looking into more affordable housing for their first time home ownership attempt. For others, the problems with homeownership … Read more
When supply is low and demand is high, the sale of real estate takes a turn into bidding wars. Prices skyrocket and Buyers will do whatever they think will make their offer standout. What many of the Sellers do not realize during this time of frenzy is that all offers and negotiations at the beginning … Read more