Steps for Buyers

Starting on the Path

Escrow is opening - What will be expected from the buyer?
  • Names/Title:
    • Exact names (if your name is substantially different from how it appears on the ID, contact escrow),
    • How you wish to take title (your vesting).  (click here for worksheet).  Any questions regarding how to take title should be directed to your CPA and/or tax or legal counsel
  • Contact information:
    • Address, phone(s), email address
    • Preferred manner of communication:
    • Phone, email, regular mail, etc?
    • Check is payable to whom?  Pathway Escrow or to real estate broker (needs endorsement)
  • Earnest money deposit:
    • Earnest money deposit as specified in the contract is to be deposited  with escrow holder within 3 days of acceptance of offer
    • Personal checks are acceptable for initial deposits
  • Insurance information:
    • Name and contact information for your insurance agent
    • Research your options regarding insurance quotes as soon as possible to insure you are obtaining the policy that best suits your needs
  • Mortgage company information:
    • Name of mortgage broker and all contact information
    • Should you change lenders during the transaction, notify escrow immediately
  • Check your identification:
    • All buyers will be required to furnish a valid, government issued ID at the time of signing of loan documents, name(s) shown on ID’s must match the documents
    • Should your ID not match or you have questions regarding the sufficiency of your ID, contact your escrow holder immediately
  • Any unusual information:
    •  Married but spouse not going on title? Quitclaim Deed may be required
    •  Pending divorce?  Separate appointments or escrow packages may be requested
    • Vacation(s) or business trips planned during duration of escrow, etc.?
    • Power of Attorney may be needed?
    • Portion of down payment being provided by an outside party?  (Special instructions apply)
 

The Road Map

How can the buyer help insure a smooth transaction?
  • Lender:
    • Stay in constant contact with your lender, provide all requested documentation as soon as possible
  • Your Realtor:
    • Your realtor will assist you with all scheduling and providing all required inspections including the home inspection, appraisal, any repair issues, etc.
  • Homeowners Association applicable?
    • Governing documents:  you will be provided with all applicable governing documents for review;  direct any specific questions regarding these documents to the management company, contact escrow holder for management company information
  • Insurance:
    • Have you provided the name and contact information for your insurance agent?
    • Have you confirmed with your insurance agent that they will be in a position to provide adequate evidence of insurance immediately upon request from escrow

Communication

Pathway Escrow is "High Tech/High Touch"
  • You are encouraged to personally meet the escrow staff, become acquainted!
  • Required reports and/or documents are available via hard copy or email
  • Communication with escrow staff available via phone, email, or text.
  • Need an after-hours appointment to meet with escrow? Available upon request.
 

You're Home!

Escrow is almost ready close. Now what?
  • Lender:
    • Have you communicated with your lender regarding any final documentation needed?
    • When your loan file has been cleared for closing, loan documents will be emailed to escrow
    • Loan documents will be reviewed by escrow for accuracy;
    • An appointment to sign the loan documents will be scheduled, please advise escrow if special arrangements are needed, such as after hours or outside the escrow office;
  • Final funds:
    • Escrow will provide you with the final estimated settlement statement, review carefully
    • Final deposit of down payment and remaining closing costs will be requested in wired funds.  You will be provided with wire instructions at the time of signing
    • Personal checks are not acceptable, contact escrow if wired funds are not available for further instructions
    • When do my final funds need to be deposited?  Final funds and all remaining documents must be in escrow no later than 48 hours prior to closing
  • Authorization to close escrow:
    • Upon final verification of all escrow/loan conditions, authorization will be given by escrow to “close escrow”, all parties will be notified when closing has been confirmed
    • Communicate with your realtor regarding keys, possession of property
  • Escrow is closed, congratulations!!!   What now?
    • Upon final audit of your file, escrow will provide you with the final settlement statement and any necessary documents and/or remaining funds (usually within 24 hours following closing)
    • If a Home Warranty was purchased, you will be provided with contact information
    • Communicate with escrow regarding the delivery method of this closing package (mail, pick-up, c/o agent, etc.)
    • Escrow may be in possession of common area keys, remotes, etc., you will be notified