Double Escrows (Concurrent Closings) Escrow Services
The first transaction, (the A-B Transaction) closes on one day. The second transaction, (the B-C Transaction) closes the next day, so as to allow the Binder Title Policy one day of procurement in between the closing of each transaction. Each transaction must fully fund independent of each other and funds from party “C” cannot be used to close the A-B transaction.
Count on Bayside Escrow's double escrow service to simplify and streamline these complicated transactions and ensure all requirements are met for on-time closing.
We handle every aspect of the Double escrow by:
- Providing full management and action as a neutral third-party to close the real estate transaction within the guidelines set forth in the contract while serving as the depository of funds and closing costs
- Responding to all communications in a timely manner
- Keeping all involved parties informed of the escrow progress every step of the way
- Following mutual instructions expeditiously
- Preparing escrow instructions and ensuring all documents are executed properly
- Issuing receipts for deposits of funds in the trust account
- Handling of loan documents and instructions from the new lender
- Coordinating the services of a notary public
- Ensuring proper proration and adjustment of taxes, HOA dues, etc.
- Preparing and sending out the estimated and final settlement statements and HUD-1
- Instructing the Title Company to record documents, such as the Grant Deed and Deed of Trust
- Disbursing funds to proper parties and closing escrow, as authorized
- Maintaining security and accountability of funds due to principals by providing several disbursement options
- Closing escrow in accordance with mutually agreed written terms
- Ordering all applicable reports and disclosures, such as the preliminary title report and HOA documents
- Complying with city, state, and federal guidelines as applicable to the subject property
- Obtaining approval of documents and reports from all parties
- Securing payoff demands or beneficiary statements from existing lenders
- Acquiring necessary documentation to clear outstanding liens attached to the property
- Requesting demands conveyances of mortgages or the deed of trust to be paid off in escrow