Nightmares in Escrow During the Real Estate Transaction
Meet Jennifer Wolf. Jennifer is an escrow officer for Ticor Title, she is spending time with David Radcliffe of the Radcliff Group of Keller Williams to share her perspective on Escrow Nightmares that can be avoided. Jennifer shares this information so she can help get your real estate transaction closed early and/or on time.
Agents, regardless if you are representing a buyer or seller you need to know if the seller is subject to this tax law. Contract says if seller is subject to the tax, the buyer is ultimately responsible for it. So both parties need to be aware. There are some seller exemptions, knowledge is the key!
The incarceration of a Buyer or Seller’s spouse can cause a problem and can delay escrow. Approved mobile notaries must be sent on-site for signatures, because of fraud, so if you know of a situation involving a party to the transaction that maybe in jail, is important information to disclose to the agent and escrow officer.
Living out of the country, or traveling abroad is important information for your agent and escrow officer to know because power of attorney, early preparation of documents or special postage arrangements might be necessary. There are also tax considerations to be considered for non-US residents.
Of Sound Mind
Anyone party to the transaction needs to be of sound mind, incoherent, incompetent or mentally unstable parties are not legally able to sign for the purchase or sale of a home.
Cash and loan buyers need to be aware of the process of wiring money from their bank especially if they bank with a small banking institution. Some banks require the borrower to be present to wire funds, (and if the branch is out of state, it could create problems). Nevada is a good funds state, so closing funds must be made in the form of a wire transfer.
Out of Town
Often sellers move out of town before the home transaction has closed, it’s important to know where ALL parties to a transaction will be at the time of signing/closing, so documents can be prepared, signed and returned timely. There are accommodation signings and mobile notaries available for special cases, but virtual signatures are not sufficient, as originals are required for final paperwork.
Avoid common escrow nightmares and be sure David is resenting you in your next real estate transaction. He will connect you with Jennifer and her team at Ticor Title to help get your next Centennial Hills, Summerlin, Las Vegas or North Las Vegas home closed.
The Radcliffe Group is your Las Vegas, Summerlin, Centennial Hills, and North Las Vegas real estate connection. Ranking consistently as one of the top real estate teams at Keller Williams Realty Southwest Las Vegas, Dave also ranked number 1 in 2014 as the top producing individual out of 172 Realtor- Agents in his office.
Tune into The Radcliffe Group YouTube channel to learn more about what is happening in your Las Vegas and Summerlin Communities. We promise to keep you updated with the latest real estate market conditions, real estate statistics and happenings in the area.
Written by Nickel Lowman
For Dave Radcliffe, The Radcliffe Group
Keller Williams Realty Southwest