Note Sale Transactions Escrow Services
Real estate notes express ownership of real estate. Notes are sold when a homeowner wants to sell the mortgage or deed on the property, and individuals may buy notes when they want to purchase the property's mortgage or deed.
Note sale transactions in California are notoriously complex. When handling a note sale transaction, you need an escrow agent with the knowledge and experience necessary to overcome any hurdles, as these transactions have very different requirements than standard residential escrow. For example, the escrow agent must be able to handle the closing time line and handle communications with all parties efficiently.
Unlike escrow on traditional commercial or residential properties, note sale transactions usually have very condensed time lines, and surprise issues must be addressed immediately. Bayside Escrow employs experienced officers who have years of experience handling everything from straightforward note sales transactions to complex, multi-tiered commercial transactions.
Our professionals will manage every detail of note sale transaction closing 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
Turn to Bayside Escrow to streamline and simplify complex note sale escrow with top-notch, customer-focused service to ensure every party involved has confidence that the escrow process will be complete on time.