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.
Understand FIRPTA
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!
Unusual Circumstances
Incarceration
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/Traveling Abroad
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.
Wired Funds
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
702-379-3401
No comments:
Post a Comment