Real estate investing can be a rewarding business if you make the right choice in hiring a title escrow company. The right escrow officer can mean the difference between a smooth and rapid closing or a complicated, delayed closing, quite possibly filled with costly mistakes.

You cannot be too careful when selecting a title escrow company. As a real estate investor your needs are quite a bit different than the average home buyer and the escrow title company you choose should be able to accommodate any and all of these.

When communicating with the title escrow company it is prudent to ask for their most experienced escrow officer, especially one who has worked with real estate investors. Ask if they have worked on any real estate deals involving creative workarounds. Ask for referrals from previous real estate investors they have worked with. Insist that this person be the only one to handle your work.

Remember that you will be working closely with this individual during the whole process and they become like a personal secretary whose job it is to comply with your instructions.

Here are a few questions to ask a potential title escrow company or officer:

1. How long have you been an escrow officer?

2. How long were you an assistant before you became an escrow officer?

3. Do you have an assistant? Are they familiar with the files?

4. Are you comfortable closing “creative” real estate deals.

5. Can you do “subject to” closings, simultaneous closings, etc

6. What are your hours of operation? If needed can and will you stay late?

7. If needed can you meet a client for a signing away from your office?

8. What methods and frequency do you use to communicate the status of your files and to whom?

9. What recording times are scheduled for your company?

10. How do you handle escrow collection accounts?

11. Will you insure an all inclusive deed of trust?

12. Do you have a notary available?

13. What are your escrow fees?

14. What are your funding options?

15. What is the method and turn around time for property profiles?

16. Do you have an after hours service for title information?

17. What do you expect from me?

These are but a few questions to get started with. Build your own checklist of questions as you go.

Once you have completed your search process choose the escrow agent that you would feel most comfortable working with. Your choice of escrow agent may be one of the most important decisions you make as a real estate investor.

By: Chuck Lunsford

About the Author:
Chuck Lunsford is the manager for REIMarketingTips.com, a website which has earned its solid reputation by helping both seasoned and beginning real estate investors learn the best methods for effective creative real estate investing to pre-foreclosures. Visit our website at www.BestForeclsureSystem.com to get started now!

So many individuals are thinking of the definition of a close of escrow. This is simply another word for closing. Usually, this is known as the final stage in the real estate process. This is the stage where legal transfer of ownership occurs. Even if this is the final stage, a lot of necessary preparations have to be conducted to be able to secure the orderliness of the procedure. If something is wrong, the buyer may not go on with the deal and the seller will definitely welcome foreclosure in his property. Go on with the rest of the article so you will completely understand the meaning of a close of escrow.

There are essential papers that should be prepared when you are entering the final stage. The amount that you have both agreed and the considerations that you have talked about should all be revealed to all parties. Other important papers must be prepared for everybody that takes part in the transaction. Thus, the presence of a closing agent is a must. He takes charge of the preparation of all the necessary things for the closing. The buyer can select who he is going to hire. To secure a smooth flow of the procedure, the agent should be responsible enough. He should be smart enough with his presentation and he has the ability to clear out all the unresolved issues of all parties.

The very important persons in this conversation are the buyer, seller and the closing agent. Both the buyer and seller should confirm to all important papers and should be able to sign on them. And these documents are presented to them as their reference of their agreement. If they have clarifications, they can consult the closing agent. The legal counsels of the two parties can be around during this time. They can assist their clients to secure that all rights are due to the respective person. Aside from that, real estate agent and somebody from the lending institution can also be present in this meeting.

This meeting will involve the signing of all the necessary papers. Hence, it is a must that all parties confirm to the details written in the documents presented to them. The content should be clear enough and must be completely explained to prevent from having issues later on. When everything is done, the papers should all be signed. This is can also be the best opportunity for those documents that are still not submitted to the lender.

As soon as the papers are signed, the payment for the closing comes next in line. It is either the buyer or seller will pay for this depending on what the two parties have agree. Apart from that, a check intended for the mortgage will be given to the closing agent to be included in the report.

Though, the final stage can be through, but that does not include the closing agent from doing his job. He needs to report and have the close of escrow declared in the registry of deeds. It will take some time before the actual transfer of ownership to reflect. This means that the seller, real estate agent and the lending institution need to wait for some time before they can get their commission from the sale.

To have a smooth closing, make sure that you hire a reliable and veteran closing agent.

By: Flynna Sarah Molina

About the Author:
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Closing costs are often the last thing a person thinks of when buying a home. While closing is the joyous moment the home becomes yours, the costs can be surprisingly aggravating.

When you purchase a home, condo or other property, you will go through a period known as escrow. During escrow, various issues related to the property transfer are worked out. The last day of escrow is known as the closing day and you are going to be paying closing costs.

Closing costs come in many forms. Some involve significant dollars while others are relatively painless. Here’s a list of typical costs:

Escrow Fees

An escrow agent is essentially a third party that works with the seller and buyer to finalize the transaction. For this assistance, the escrow agent will charge a fee. Depending on your area and the agent, you can expect fees from a few hundred dollars to around a thousand or so. Make sure you find out the fees before picking an escrow agent.

Home Loan

Obtaining a home loan in the current market is a highly subjective event. “Points” can be a major cost associated with home loans. Points are essentially a fee you pay or have build into the loan for the privilege of being allowed to borrow money. A point usually equates to 1% of the loan. On a loan of $300,000, one point would equal $3,000. If you have excellent credit, you can shop for a loan that doesn’t require you to pay points.

Home and Title Insurance

Insurance for your home and title are a must. If you are borrowing money to purchase the home, each is mandatory. If you are using your own funds, you should still get both forms of insurance. As each name implies, they provide insurance against issues involving your home and problems with the title transferred to you. You want to have clear title.

PMI

Private Mortgage Insurance, “PMI”, is mandatory if your down payment is less than 20% of the purchase price. You can expect to pay a few hundred dollars a year in PMI.
Inspections, Appraisals and Miscellaneous Fees

In the home purchase process, you are going to use a variety of services to validate the property is your dream home. These services come with fees and you can expect to pay for home inspectors, appraisers and the like. Depending upon the state you live in, many of these fees may be built into your mortgage. Nonetheless, you need to know exactly what you must pay for on closing day so you can budget accordingly.

Closing escrow should be one of the happier days in your life, particularly if it is for your first home. Make sure you know the costs associated with it so you don’t have to spend the day running around borrowing money.

By: Raynor James

About the Author:
Raynor James is with http://www.fsboamerica.org – providing FSBO homes for sale by owner. Visit our “sell my home” page at http://www.fsboamerica.org/seller.cfm to list and sell your home for free for one month. Visit http://www.fsboamerica.org/buyer.cfm to see homes for sale by owner.