Friday, November 11, 2016

Escrow in North Lake Tahoe

Escrow in North Lake Tahoe

Congratulations on buying or selling a property. Time to open escrow. It is typically the buyer’s choice of which title company to use .  Three of the larger "brand" choices in the North Lake Tahoe region are: Placer Title, First American Title and Fidelity National Title.  If you have no preference, your real estate agent can help guide you to choose one that will work best for your purchase.  It is best to use a local company because of the nuances of the area.  The local companies are familiar with local transfer fees, homeowner’s associations, and other ins and outs of each neighborhood or community. Regionally, each area also has "customs" regarding who pays for what with regards to line items like title and escrow fees.

Why do you need a title company for escrow?  The title company is a disinterested third party for the buyer, seller and lender.  The escrow officer that is chosen will work with all involved to carry out the written instructions given by the principles.  They are responsible for many elements of the process that occurs from when a deal is agreed upon and when the money and property are transferred.  The escrow agent is responsible for processing and coordinating the flow of documents and funds, keeping all parties informed of progress, responding to the lenders requirements, coordinating legal document preparation and title work, prorating taxes and other items, preparing the final settlement statement of closing for each party, obtaining proper approval of documents and proper signatures, disbursing funds for title insurance, real estate commissions, lien clearances and recording the deeds and other documents.  

The purchase and sale of property can be very complicated and multi-layered.  The more professionals you have on your side including a good escrow officer and your real estate agent, the better protected you are against unforeseen complications with the transfer of property.  

Katie Tyler

BRE 01442453
c 530 277 1012 

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