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12 Escrow Tips for Buyers and Sellers 1. Buyers and Sellers – Talk with your Real Estate agent about how you want to communicate during the escrow period. Email, phone, fax, mail? Will your Real Estate agent communicate to escrow on your behalf? 2. Buyers & Sellers - Be prepared to submit one of following: Social Security number, Individual Taxpayer Identification Number (ITIN) for non-US citizens, or Employer Identification Numbers (EIN) for entities. 3. Buyers - Discuss with your attorney how you want to hold title & tenancy. This information will be required shortly after opening of escrow. Provide Trust, Corporate Authority Documents, or original Power of Attorney, if applicable. 4. Doing a 1031 Exchange? Provide the name of the exchange company to escrow within 2 weeks of opening escrow. 5. Sellers – Discuss FIRPTA / HARPTA tax with your Real Estate agent if you are either a non-Hawaiian resident or a non-US citizen. Forms sent in opening letter to Seller, original kept by Buyer upon close of escrow. 6. Buyers & Sellers – You’ll receive an Opening Letter from escrow with documents for you to sign. Please read all documents carefully and return signed documents promptly to escrow in envelope provided. 7. Buyers – Provide your new lenders name and contact information for your new loan (if applicable). Sellers – Provide your lender’s name and loan number to enable payoff of your loan. 8. Buyers & Sellers – Write down your escrow number, the name of your escrow officer & escrow associate – you’ll find it in the opening letter. Important if you need to communicate with escrow. 9. Buyers & Sellers – Are you going to the mainland or another country any time during the escrow? Be sure to let your lender, Real Estate agent and escrow officer know. 10. Buyers & Sellers – Read the “Preliminary Title Report” you receive from escrow to learn about any easements or encroachments on the property. Talk with your Real Estate agent if you have questions. 11. Final document signing will take place approximately 4 to 10 days prior to Recording / Closing . Signing date depends if you are in Hawaii or on mainland. If outside US, allow more time. You will receive a tentative closing statement for costs and/or income. Upon Recording / Closing, you’ll receive a final statement (HUD-1). 12. Buyers – When you or your lender transfer funds for your purchase, you must use either a Hawaii bank cashier’s check or wired funds. | |
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