If you’re browsing escrow blogs, you’re probably already considering a major sale or purchase. In particular, floating homes are more popular than ever, especially in the Bay Area. But if you’ve got your heart set on a floating home, there are a few factors to consider first. Here’s what you need to know about floating home escrow.
1) Find a Good Escrow Provider
There are times that agreements between a real estate professional and a buyer need a little finesse, specifically in terms of payments. Find a good escrow provider to help you bypass these issues. Bay Area Escrow is a proven and tested settlement agent. It acts on behalf of the seller and the buyer, ensuring that the interests of both parties are protected.
2) Submit the Required Documents
Before the floating home sale, you need to submit all the required documents to your floating home escrow provider. Here are the files you must prepare:
* FHA or serial number
* Certificate of Titles and Registration- This is to avoid paying replacement fees
* Parcel number of the assessor
* Fire insurance information
* Seller’s and buyer’s full name, address, and contact details
* Institutional Lender or Seller Carryback terms, if applicable
* The marina and site address- The marina should approve the sale, so the buyer should also apply for marina rules and regulations.
* Information regarding lien or payoff of existing encumbrances.
3) Educate Your Buyer on Key Elements to a Floating Home Sale
Once you have settled your agreement, the next step is to educate your buyer on the key elements of a floating home sale. Usually, floating homes can be bought through cash payments, but if you’re going to offer the property through financing, you have to disclose the rules to your buyer, including the down payment and other financial details. This is applicable to property sellers.
On the other hand, if you are a buyer, you’ll likely be required to prepare at least 20% of the total contract price as a downpayment. This is generally the amount when you purchase through financing. As a buyer, you have to consider the purchase carefully because once you’ve signed off on the sale, there’s no turning back.
4) Sign Escrow Documents
Once the seller and buyer agree to the terms and conditions of the sale, the last step is to officially sign the escrow documents, agreeing to all the terms and conditions. The escrow will then be completed after both parties have signed.
Floating Home Escrow
At Bay Area Escrow, we are an independent escrow company, licensed by the State of California. If you’re in the San Ramon area, contact our team for all of your floating home escrow needs. Our office can be reached at (925) 831-9099, or find us online to connect with an escrow specialist today.