Probate or Ownership Challenged Escrow Services
When an individual dies, his or her estate goes through a legal process known as probate. Probate typically involves proving the will is valid, identifying property, paying outstanding taxes and debts and distributing property according to the will or state law.
One of the most common problems found in probate cases is title-related issues. When a title vests differently than anticipated, such as a spouse or other relative having an ownership interest, the problem may sometimes be resolved quickly by filing an affidavit death of joint tenant. These issues can become very complicated, however.
The probate sale escrow process generally involves court approvals and other aspects that require the work of an experienced escrow officer qualified to handle this complicated process. The choice of escrow service can have a very big impact on the outcome of probate real estate transactions.
The escrow officers at Bayside Escrow have years of experience handling this unique and very challenging real estate transactions. Our probate escrow services are unparalleled with the dedication and knowledge you need to avoid potentially costly and time-consuming issues along the way.
Do not underestimate the complexity of probate transactions, or make the mistake of assuming any escrow company is capable of successfully managing these difficult transactions. Too much can go wrong without an experienced escrow officer capable of understanding the intricacies of these cases and addressing problems as they occur. Count on Bayside Escrow for unmatched probate escrow services with a streamlined process, unparalleled service and professionalism that leave all parties involved with confidence in the escrow process.
We handle every aspect of the probate or ownership challenged 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