Buyers Guide

A Guide to Your Escrow Process

Find Your Path

Welcome to the Buyer's Guide section of Pathway Escrow! If you're in the market for a new home, you're in the right place. Buying a home can be an exciting, but sometimes overwhelming, experience. Our team at Pathway Escrow is here to help you navigate the process and make it as seamless as possible. In this section, you'll find a wealth of information on all things related to buying a home, from getting pre-approved for a mortgage to closing the deal. Whether you're a first-time homebuyer or a seasoned pro, our buyer's guide will help you make informed decisions and feel confident throughout the buying process.

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 the title (your vesting) will be specified. You can click here for a worksheet. If you have any questions, you can contact your CPA and/or tax or legal counsel.

Contact information:

Provide your address, phone number(s), and email address. Let Pathway Escrow know your preferred manner of communication (phone, email, regular mail, etc.).

Check payable to whom: The check should be payable to Pathway Escrow or the real estate broker (needs endorsement).

Earnest money deposit:

Earnest Money Deposit: The earnest money deposit specified in the contract should be deposited with the escrow holder within three days of acceptance of the offer.

Personal checks are acceptable for initial deposits.

Insurance information:

Provide the name and contact information of your insurance agent.

Research your insurance options as soon as possible to get the best policy.

Mortgage company information:

Provide your mortgage broker's name and contact information.

Notify escrow immediately if you change lenders during the transaction.

Check your identification:

All buyers will need to provide a valid, government-issued ID when signing loan documents.

The names shown on the IDs must match the documents. Contact your escrow holder if your ID does not match or have questions.

Any Unusual Information:

If you're married, but your spouse is not going on the title, a Quitclaim Deed may be required.

If you're going through a pending divorce, separate appointments or escrow packages may be requested.

A Power of Attorney may be needed if you have vacations or business trips planned during escrow.

Special instructions will apply if an outside party provides a portion of the down payment.

The Road Map

How can the agent insure a smooth transaction?

Lenders:

Stay in contact with your lender and provide all requested documentation as soon as possible.

Insurance:

Provide the name and contact information of your insurance agent.

Confirm with your insurance agent that they will be able to provide evidence of insurance immediately upon request from escrow.

Your Realtor:

Your realtor will assist you with all scheduling and required inspections, including the home inspection, appraisal, and repair issues.

Homeowners Association applicable?

If applicable, you will be provided with the governing documents for review. Direct any specific questions to the management company. Contact the escrow holder for management company information.

Communication

Pathway Escrow is "High Tech/High Touch"

You're encouraged to meet the escrow staff and get to know them.

Required reports and documents are available via hard copy or email.

Communication with escrow staff is available via phone, email, or text.

After-hours appointments are available upon request.

You're Home!

Escrow is almost ready to 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

Buyer FAQ

Fees are controlled by many factors and depend primarily upon the type of transaction and terms of your agreement. However, there are certain charges which are considered to be expected. Those fees include but are not limited to new lender charges, Loan document signing fee, Buyer's portion of the escrow fees, Lenders title insurance policy, sub-escrow fee, recording fees, annual fire insurance premium if applicable, prorated property taxes if applicable. In addition, any other fees under your specific contract may apply. Therefore, upon receipt of the estimated settlement statement, please review it carefully and call escrow with any questions.

The Buyer should research insurance options early in the transaction by contacting different insurance agencies for quotes. The Lender will require that they be provided with Evidence of Insurance before closing, and the first years premium must be paid either prior to or at closing. Once the Buyer has agreed on a policy, contact escrow with the insurance contact information. If the purchase involves a townhome or condominium, insurance requirements may be above and beyond what the Homeowners Association covers.

The loan documents will be reviewed carefully by escrow for accuracy. The escrow settlement statements and all necessary final documents are then prepared. Finally, the buyer will be contacted to schedule a signing with the Notary Public, which signing may be in the escrow office or another location at the Buyer's choosing. Buyer must present identification in a form acceptable to the Notary Public, and the name on the identification must closely match the name on the documents. Direct any questions regarding your identification to escrow as soon as possible. The Buyer will be provided with an estimated settlement statement and wire instructions for the final closing funds at the time of signing.

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