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Escrow & Title

Escrow
Protected after escrow?
Condominiums as rentals?
Common Ways To Hold Title
Direct deeding is useful
Escrow is open
Comparing escrow fees
Learn about contingencies
Prepare for Escrow closing
Prorations it pertains to rent
Real estate taxes pro-rated
Real property vs. personal property
Real Estate Mathematics
The hidden cost of closing
Utility bills and escrow
escrow agents have to report?
Walk Through Inspection
 
Title
1031 reverse exchange
1031- Avoid capital gains tax
ALTA Policy
CLTA Policy
Community property tates
Creating a trust
Clouds on a title
Do condos need title insurance?
Deed
Deed of Reconveyance
Dealing with boundary disputes
Easements
Exceptions in title insurance
How much is title insurance?
Lis Pendens
Mortgages vs. deeds of trust
Not married? Joint tenants?
Proposed zoning change
Preliminary Title Report
Quitclaim deeds
Statement of Opinion
Title Insurance
Title insurance and builders
Your closing date-Who chooses?
Why you should have title insurance
Who pays for what Fees in Escrow

Are you protected after escrow?

If you were to let the seller fix repairs once escrow has closed are you going to be protected? It is easy to just want things to be over, you get carried away and you
accept the sellers offer to fix things after closing. Your purchase agreement should have a clause in it where the buyer will have a certain amount of time to do a complete walk through in order to inspect things. There is a good chance that something will be wrong, nothing is perfect but you the buyer will have to decide what you are willing to live with. Oftentimes the sale will still go through but on the condition that some of the things will be fixed.

You should always get the seller to repair anything that needs fixing before the close of escrow because once escrow has closed it can be next to impossible to get the seller to do anything at all. What you can do is have the money held back in escrow even at closing time. Your escrow agent will keep this money in order to assure that the proper repairs get made and once they have been completed the money will then be released to the seller.

Your escrow instructions will have to have amendments concerning this arrangement. The buyer and the seller both will have to sing these in order for them to be in effect. These amendments should instruct how much each party will pay. For instance is the seller going to pay for the entire cost of repairs or only a percentage of them? Another option is that the house be sold for less so that the buyer will be able to take care of the repairs themselves.

Once escrow has closed the property, good, bad, fixed or not it is yours, the buyers and it is no longer the responsibility of the seller. This means that they do not have to fix anything they do not want to. That is why it is so important to take care of things that right way.