The typical real estate escrow requires the buyer to sign 70 - 120 pages of documents, several of which require notarization. The seller also will have to notarize, at the minimum, the grant deed. Notarization, or the act of an uninvolved witness (the Notary) verifying...
A probate sale is defined as the sale of a property where the owner is deceased and the sale is being conduced by the deceased estate. An Administrator or Executor signs on behalf of the deceased person with either full or limited authority. Sometimes the...
What day should you negotiate to close escrow in order to meet the needs of the buyer and seller? When negotiating a contract, the actual day of the week that the close is on is not often considered. More typically, contracts call for 30 or...
There are many implications of loans that are either "Assumptive," or "Subject To." Here is a general overview of some of the definitional differences between the two and how the differences affect the escrow process. Let's define Assumption Loans: The term "assumption" is used when a buyer...
The term REO stands for Real Estate Owned properties. These are properties that are owned by a bank or lender and are for sale to the public. These properties were reverted back to the bank after the homeowner was foreclosed upon. If the home fails...
Demystifying the escrow process for buyers is part of our goal here at CV Escrow. One of the ways we accomplish this is by providing buyer's a detailed opening package. This package contains a particular form called a Vesting Form that is integral to the...
Buying an REO (or Real Estate Owned) property is a little different escrow process than your standard home sale. Realtors and buyers need to remember that they are in escrow with a bank/lender (the "seller") and that the bank/lender has strict procedures in place to...
Within 48 hours of receiving a contract, CV Escrow mails out an opening package to both the buyer and seller. These packages contain "homework", i.e. paperwork that escrow needs back promptly in order to move forward and ensure that a transaction closes on schedule. It...
According to Merriam-Webster, escrow is defined as: a deed, a bond, money, or a piece of property held in trust by a third party to be turned over to the grantee only upon fulfillment of a condition. Whether it is the buying and selling of a...
If you're looking for a way into the real estate market, REO or ‘Real Estate Owned' properties are the hot ticket right now. These are homes that fell into foreclosure and then didn't sell at auction. So now, the bank or lender owns the property...