Earlier this year, we interviewed Jason Annotti about escrow–an area of real estate that is foreign to a lot of people. Since we always like a “second opinion”, we sent the interview to Nicole Phillips, an Escrow Officer with Advantage Title, Inc in Westlake Village, CA, to see her take on our questions.
What is escrow?
Escrow is the neutral third party between the buyer and seller in a real estate transaction. We hold the funds to pay the bills at the close and affiliate the loan document signing.
How do you find an escrow officer?
The easiest way to find an Escrow Officer is through your Real Estate Agent. Your Agent usually has a team of affiliates assembled to assist in making the transaction as smooth as possible for everyone involved. You can of course find a Title and Escrow company online.
How do you choose the right escrow officer for you?
It’s hard to know up front if you are choosing the right Escrow Officer. We do the same job. There are officers that of course have been in the business longer and have more experience and knowledge.
Are there any escrow caveats, or anything people should be on the look out for?
What should buyers and sellers have to be prepared to open and more importantly close escrow?
Current ID for all involved. For Buyers, funds to close, do the research in advance to determine how you will want to hold title to the property.
What is your outlook for the real estate market in 2012?
It’s good. The market will never be what it was, but there are buyers and with the rates as low as they are the market is moving. I am encouraged.
Thank you for the interview Nicole. For escrow services, you can contact Nicole Phillips at (805) 367-5629 or email@example.com.
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