Important information to be submitted to escrow is as follows:
- Full names, addresses, and contact information for both Buyer and Seller
- Property Address, Assessor’s Parcel Number, legal description, and HOA information, if applicable
- Lien and/or payoff information of existing encumbrances (Copy of Note and Deed of Trust, if private lender)
- Seller Carryback terms or Institutional Lender information, as applicable
- Fire insurance information; can be handled through escrow depending on requirements
Thus as Settlement Agent we act on behalf of both parties to protect the interest of each within the authority of the Escrow Instructions. Once all parties have signed escrow documents, the terms and conditions of the instructions have been satisfied Escrow can be completed.