What Causes Escrow Delays?

• Not returning the calls to escrow when they try

to verify a new escrow

• Not giving vesting information at opening

• Forms turned in Incomplete or Late! (i.e.,

missing S.S.N. or S.I., no insurance company)

• No loan information so demand can be ordered

• Initials Missing on forms and documents

• Signatures Missing

• Grant Deeds Signed but not Notarized

• Grant Deed not in at closing

• Not returning Paperwork in a Timely Manner

• If you know about a PROBLEM-Don't keep it a

Secret!

• Lack of Communication between Agents,

Escrow and parties.

• If you know about Loan Approval Give Escrow

a Heads Up!

• Get the Insurance Agent's name and Information

to Escrow A.S.A.P

What Can the Agent Do?

• Have your property profile when you open

escrow

• Have new lender information so Cert.

Instructions can be sent out with no delays

• Have purchase contract & all counters with you

so all terms are clear at opening

• Know the other agent's phone number so

information can be verified quickly

• Get all escrow papers back as quickly as

possible. If you are not a notary, feel free to

send them in to Escrow to sign Grant Deed. This

is often a last minute hold up.

• Be sure the S.I. is returned quickly this shows all

the judgments, etc. (Very Important to do this

early)

• Be sure to complete all paperwork. Loan info for

Seller, Insurance for Buyer is often not

completed

• Check each page of instructions that they

initialed and signed correctly and did not miss

any spots.

Some of the common hurdles that slow or stop an

• The Buyer does not have the additional funds

needed to close transaction

• The buyer brings a personal check for closing

• Husband/wife comes to sign without spouse

• Escrow Officer was not aware of marriage,

separation, divorce, sole and separate property, death

of a joint tenant, etc., making all papers incorrect

• One of the spouses is out of town

• Buyer signs loan papers incorrectly

• Judgments arise during escrow period

• Buyer does not have proper info for notary

• Buyers make a major purchase on Credit

SELLER:

• Demands on existing loans are not yet in escrow

• Releases are not yet in escrow

• Judgments arise during the escrow period

• Did not disclose to Realtor that homeowners dues

are due on the property.

• Seller does not have proper info for notary

FIRE INSURANCE

• The policy wasn't ordered soon enough - escrow

cannot order without lender's instructions

• The policy reads incorrectly -addresses, names, etc.

• The coverage is not for the correct amount

• The buyer used an Out-of Town (State) insurance

agent

TERMITE & PEST CONTROL:

• The inspection was done on the wrong property

• No report, inspection or clearance has been received

in escrow

• The clearance was not completed

• The addresses are incorrect -the Lender will not

accept

• Certain areas were not checked but a clear report

was issued - the lender will not accept

LENDER:

• Points/Interest rate goes up: parties are not notified

• Miscellaneous charged were made and not disclosed

to parties

• The Lender has called for additional conditions

Most common problems from Uninsured Deed's come from

Quitclaim deeds between family members, especially husband

and wife. When a person is added to title, it is a window of

opportunity for matters against him/her to attach to the property.

Why Should it be of Concern to you when taking a listing?

• Is it a divorce situation?

• Was it signed in distress?

• Possible bankruptcy?

How can you spot an uninsured deed when you order a

• Look for accommodation stamp.

• No title company or title company title order number.

• No escrow number showing on document.

• No document stamp showing under the fee section.

• Handwritten document.

• Time recorded is not 8:00 am in the morning.