Multi-Unit/Multi-Family Unit Escrow Services
Multi-unit or multi-family properties have become very popular with investors. Whereas you suffer with 100% vacancy in the case of an empty single-family home or condo, you will still have income from 75% of your tenants with a 4-unit property if one is empty. Smaller properties are also more affordable to purchase and many investors choose to live in one unit while renting out the others to cover their mortgage.
Multi-unit escrow services require a different approach and requirements than regular residential escrow transactions. This is why it is important to work with a knowledgeable escrow company with the experience necessary to manage escrow efficiently and properly while ensuring closing happens on time.
Bayside Escrow handles every aspect of multi-unit escrow transactions 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
Closing escrow on multi-family properties in California comes with unique challenges. Count on the professionals at Bayside Escrow for a simple, streamlined approach with superb, flawless service that ensures every party involved maintains confidence in the escrow process.