For Sale By Owner Escrow Services
Many people decide to save money by buying or selling real estate on their own. This option can save considerable money, but it cannot be done without strict adherence to local, state and federal guidelines.
Opening escrow provides convenience and protection to both the buyer and seller in For Sale By Owner (FSBO) transactions. We serve as an impartial, independent third party, and thus represent both parties in a sense. Bayside Escrow will hold all funds and legal documents on behalf of both parties to ensure both are satisfied before the transaction is finalized and escrow closes.
At Bayside Escrow, we assist both buyers and sellers who have chosen to take this step on their own. We handle FSBO real estate transactions smoothly and efficiently, guiding our customers through the escrow process as well as city, county, state and federal requirements.
Bayside Escrow has worked with many homeowners and sellers who have chosen to work without the help of a real estate agency or broker. We are aware of the additional services required in such transactions, and we know that the details of the escrow process are not within your everyday skill set.
Upon request, we will assist you with preparing an escrow agreement, which states exactly what happens to escrow funds if the buyer and seller have a dispute. We will also provide you with a list of other companies in the area who can provide other required real estate services, such as title insurance, pest control and home inspections, to make it easier to reach your own decisions.
Bayside Escrow handles every aspect of the For Sale By Owner transaction 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
We will happily work with you every step of the way toward a successful and timely closing.