Skip to main content

What Is Escrow?

It is customary and prudent for a buyer and seller to have a third, disinterested party to assist them in carrying out the terms of their agreement. In California, this procedure is known as an escrow. When opening an escrow, the buyer and seller establish terms and conditions for the transfer of ownership of property. Your escrow is created shortly after you execute the contract to purchase your home. The escrow becomes the depository for all monies, instructions and documents. The Escrow Officer has the responsibility of seeing that all terms of the escrow are carried out.

NOTE: In some states, the process of completing the purchase of a home is known as the “Settlement” process. Often the seller and buyer will come together at the Settlement table where documents are signed and exchanged. There may be a settlement attorney who facilitates this process. In California, the term “Escrow” is used to describe the process of completing the sale of property.

How does the escrow process work?
The escrow holds all monies, instructions and documents for the purchase of your home, including your down payment funds and your lender´s funds and documents for the new loan. The escrow officer takes instructions based on the terms of your purchase agreement and your lender´s requirements. The escrow officer can hold inspection reports and bills for work performed as required by your purchase agreement. Other elements of the escrow include hazard insurance, title insurance and the grant deed from the seller to you. Escrow cannot be completed until the instructions (requirements) have been satisfied, and all parties have signed escrow documents.
The escrow holder´s duties include:
• Serve as the neutral agent and the liaison between all parties involved.
• Prepare the escrow instructions.
• Request a Preliminary Title Search to determine the status of title to the property.
• Comply with the lender´s requirements as specified on its instructions to escrow.
• Receive and handle purchase funds from the buyer.
• Prepare or secure the deed and documents related to the escrow.
• Prorate taxes, interest, insurance and rents.
• Secure releases of all contingencies or other conditions imposed on the escrow.
• Record the deed and any other documents.
• Request title insurance policy.
• Close the escrow pursuant to instructions supplied by the seller, buyer and lender, if any.
• Disburse funds as authorized by the instructions, including charges for title insurance, recording fees, real estate commissions and loan payoffs.
• Prepare final statements for all parties involved that account for the disposition of all funds held in the escrow account.

How do I open an escrow?
Your real estate agent will open the escrow for you. As soon as you execute your purchase agreement, your deposit is given to the title company for deposit into the escrow account. How will you know where your money has gone? Written evidence of your deposit generally is included in your copy of your purchase contract. Your funds will then be deposited in your separate escrow or trust account and processed through your local bank.

Escrow Instructions
Escrow instructions define all the conditions that must occur before the transaction can be finalized. Your escrow instructions specify, in a debit and credit format, the disposition of your purchase funds. They also provide for title protection for your home.

What information will I have to provide?
You may be asked to complete a statement of identity. Because many people have the same name, the statement of identity is used to identify the specific person in the transaction through such information as date of birth, social security number, etc. This information is kept confidential.

How long is the escrow?
The length of an escrow is determined by the terms of the purchase agreement and can range from a few days to several months. On average, it takes 30 to 45 days.

Future Agents Get A Real Estate Licenses with Michelle Carr Crowe 6/16

Future Agents Get A Real Estate Licenses with Michelle Carr Crowe 6/16

Do you want a sales career where you control how much money you make and how much time you spend working? If you or someone you care about looking to become a real estate agent, sign up with EP Real Estate Systems today to join Michelle Carr Crowe at 5:30 pm, Tues., June 16 for real estate education classes at Keller Williams Cupertino!

 Attention Future Agents!    Join us at Keller Williams Cupertino at 5:30 pm on Tuesday, June 16, 2015!
RSVP to stephanie@eprealestateschool.com so we can expect you.
Congratulations!
Your decision to start a journey in real estate doesn’t have to be difficult! We know you want the best training available to develop your skills. At Keller Williams Cupertino, we’re known for our top of the line training!  Our state of the art facility is specifically designed to provide the best training and mentoring for those who want to pass the BRE exam quickly!  ​
Experienced real estate consultant Michelle Carr Crowe, our REALTOR facilitator – will show you how this exam can be mastered!  Let’s go get a California Real Estate License!!
 
Tuesday evening, June 16, join Michelle Carr Crowe from 5:30 – 7:30 pm for a Flashpoint Presentation that help you gain the knowledge to pass the California Bureau of Real Estate salesperson’s exam the first time!
Class with Michelle Carr Crowe is at Keller Williams Cupertino, located at 19400 Stevens Creek Blvd., Ste. 200 Cupertino, CA 95014.


​Need more information?

Stephanie I. Delgado
Thanks for reading “Future Agents Get A Real Estate Licenses with Michelle Carr Crowe 6/16”.

Terrible Movie Tuesday for Teens at Campbell Library Tu., June 16 at 3 pm

Terrible Movie Tuesday for Teens at Campbell Library Tu., June 16 at 3 pm

by Campbell REALTOR Michelle Carr Crowe

Teens are you looking for a fun way to spend a summer afternoon?

 Come and watch movies so bad they’re good. Horrible special effects, laughable plot holes, and some of the worst acting you’ll ever see will be waiting at the Campbell library. Plus, snacks will be provided to wash it all down.
Terrible Movie Tuesday happens at the Campbell Library Community Room.

 

Win Some Fun At Santa Clara County Library Summer Reading Challenge

Win Some Fun At Santa Clara County Library Summer Reading Challenge

by Cupertino REALTOR Michelle Carr Crowe

During Silicon Valley summers as a young girl, I enjoyed swimming and sleeping in…and savoring the joy of reading as many library books as possible.

The award-winning Santa Clara County Library System offers four summer Challenges for readers of all ages-from zero to 100+. In addition to special events throughout the summer, including a craft classes, a magic show, and musical guests, every finisher of the challenge will earn a free ticket to the Children’s Discovery Museum.

Library cards are free for residents within the participating cities and towns of the Santa Clara County Library System including Cupertino, Campbell, Alviso, Los Altos, Milpitas, Mountain View, Palo Alto, Saratoga and Woodside.

Summer Challenge

May 15, 2015 thru AUGUST 15, 2015

Enter any one of our four Summer Challenge portals below to learn more.

PRE-READERS 0-5

KIDS AGES 6-12

Kids Summer Reading

TEENS 13 – 18

Teens Summer Reading

ADULTS 18+

Why is the Summer Challenge Important?

Children who don’t read during the summer lose months of reading and cognitive skills gained during the school year. We call this loss the “summer slide.” Summer reading loss is cumulative. Children don’t catch up in the fall because the other children are moving ahead with their skills.

By the end of 6th grade, children who lose reading skills over the summer are two years behind their classmates. Numerous studies have shown that reading over the summer prevents summer reading loss. Reading 4 or 5 books over the summer can have a significant impact for middle school readers.

The Summer Challenge aims to help decrease “summer slide” by offering fun programs at the library that encourage children, teens, and adults to complete literacy, cultural, and community activities to earn points for prizes.

Return on Investment

Return on Investment image
* Data and calculations are based on Steve Brown’s budgetary formula from his article What is a summer worth?,
Texas Library Journal, Volume 81, No. 2, Summer 2005.

A Special Thanks to our Summer Challenge Partners

Logo Parks for Life - Santa Clara County Parks

Logo Children's Discovery Museum of San Jose

Logo Santa Clara County Fire Logo The Tech Museum of Innovation
Logo Gilroy Fire Department Logo Milpitas Fire Department Logo Morgan Hill Fire Department

Each person that completes the SCCLD Summer Challenge will win a prize and a free ticket to the Children’s Discovery Museum.

Thanks for reading “Win Some Fun At Santa Clara County Library Summer Reading Challenge”.
.

Homes for Sale in Cupertino Schools Inventory Increases

Homes for Sale in Cupertino Schools Inventory Increases

by Cupertino REALTOR Michelle Carr Crowe

Lynbrook High School one of Best US High Schools
Lynbrook High School one of Best US High Schools
If you or someone you know is looking to buy or rent a single family home, condo, townhome or duplex in the desirable Cupertino Schools area this summer, there’s good news on the horizon.

Michelle Carr Crowe and the Get Results Team report there are now 135 home choices within all of the Cupertino Schools neighborhoods, including Sunnyvale, Santa Clara, Los Altos, Saratoga, San Jose and Cupertino.

The 135 homes available is 10 up from 125 just a few days ago, and up a whopping 30 homes higher since this time last week.

Thinking of selling a Cupertino Schools home? Find your or any home’s value for free at http://www.95014homes.com. To search all Cupertino Schools homes for sale, visit http://www.SiliconValleyDreamHomesForSale.com.

Thank you for reading “Homes for Sale in Cupertino Schools Inventory Increases”.

Translate »