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Opening escrow doesn’t have to be scary!

Are you interested in buying or selling a home? If that’s the case, the word “escrow” you’re going to start hearing a lot. On the Eastside of Los Angeles including Highland Park “escrow” is the neutral third party whose job is to make sure the purchase agreement is honored. Typically, in Highland Park, the escrow is opened by the listing real estate agent. This is common practice for all of greater Los Angeles.

Escrow may be opened via telephone, email, website form or in person, depending upon the preference of the agent and which options are available through the escrow company. An “escrow number ” is assigned and the appropriate information is entered into the new escrow file. Upon issuance of an escrow number, the escrow officer will order a Preliminary Report or Commitment from the title company or title department.

Buying a home in Highland Park CA

Buying and selling a home in Highland Park CA

The escrow officer will need some basic information in order to open and proceed with the escrow:

  • The correct street address and parcel # of the property, if available
  • Sales price
  • Full names of all parties involved and marital status
  • Contact information for all parties
  • The seller’s existing lender name, loan number, contact information, and the approximate unpaid loan balance
  • The buyer’s new lender contact information if applicable
  • Homeowner’s association  information, such as address and dues if applicable
  • HOA management company information (if any)
  • Commission amount and additional conditions of the sale

Generally, the first item to enter the escrow is the buyer’s initial deposit – typically 3% of the purchase price. The rule of thumb is escrow really isn’t officially opened until the buyers EMD is received by escrow. The escrow file will grow, item by item, until all of the conditions have been met and the escrow is ready to close.

If you have any questions about the escrow process, buying or selling, or even market condition questions, call me. It would be my pleasure to give you advice and there is never an obligation.

Shelhamer real estate group

David Clark - 805.280.1425​

I’m David Clark, a Californian, real estate advisor REALTOR®, and writer for the Shelhamer Real Estate Group located in Northeast Los Angeles California, the fastest growing real estate market in Los Angeles County. Connect with me for further information about this article, and to add and optimize the value in your property. Look for me on Instagram: @sellingnortheastla

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Mls Disclaimer:

Based on information from the / Association of REALTORS® (alternatively, from the /MLS) as of [date the AOR/MLS data was obtained]. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

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The Shelhamer Real Estate Group

361 N Avenue 57

Los Angeles, CA 90042-3403

 

Call: 310-913-9477

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THE SHELHAMER GROUP   |    DRE: 01950995

Glenn Shelhamer is a licensed real estate broker DRE: 01950995 in the state of California and abides by equal housing opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. To reach The Shelhamer Real Estate Group’s office manage please call (310) 913-9477.

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