- Escrow instructions
Escrow instructions are "written documents, signed by the parties giving them, which direct the escrow officer in the specific steps to be completed so the escrow can be closed." [ [http://www.desireerealestate.com/sellers/9.php Diseree Soteres, realtor, offciial web page escrow instructions page] .]
The escrow officer is also called the escrow agent, licensed agent, escrow holder, or escrow depository.
Typical instructions
These instructions usually include:
* Who is the escrow holder
* Expected start and end dates for the escrow
* Amount of money and documents to be deposited [These first three listed are from [http://www.chicagotitle.com/BusinessSegments/EscrowServices/exhibit10.htm Chicago Title Co. web site] .]
* How the escrow holder (orescrow agent ) is to receive and hold the money
* Conditions to end the escrow
* Authorization for the escrow agent to disburse funds for recording fees,title insurance , etc.
*Proration schedule for theproperty tax and title insurance
* Payment of priorlien s, especially anymortgage . [These five are from "supra", at [http://www.desireerealestate.com/sellers/9.php] .]pecial California rules
The state of
California has a standardized form for any subdivision, pursuant to its law, [Cal. B&P Code section 11018.5(a), Civil Code section 3093.] which includes:
# Subdivision name, location, and tract number
# Name of escrow depository
# Notice of completion, with whether that is for a non-cluster subdivision,cluster housing ,condominium , orhomeowner's association
# Estimated completion date
# Information about the subdivider
# Information about the escrow despository. [ [http://www.dre.ca.gov/forms/re621.pdf PDF form from California for subdivisions] .]References
External links
* For a sample form of "escrow instructions", see: [http://www.chicagotitle.com/BusinessSegments/EscrowServices/exhibit10.htm]
* For a more detailed description of such forms, also see: [http://www.desireerealestate.com/sellers/9.php]
* For the California subdivider form, see [http://www.dre.ca.gov/forms/re621.pdf] (PDF required).
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