29 Jan The Opening Package from Escrow – Why It Matters
Within 48 hours of receiving a contract, CV Escrow mails out an opening package to both the buyer and seller. These packages contain “homework”, i.e. paperwork that escrow needs back promptly in order to move forward and ensure that a transaction closes on schedule. It is integral to all deals that the buyers and sellers expect to receive these packages and understand the importance of returning them to escrow as quickly as possible.
Some of the information that the packet requests from the buyer includes:
- the vesting form describing how title to the new property will be held
- contact information for the lender or mortgage broker
- insurance details
From the seller, our opening package forms prompt for details such as:
- contact information for the HOA
- contact information for the lender on the first and, if applicable, second loan
- any applicable tax withholding details like the 1099 form
- directions on how to distribute the proceeds from the sale
Much of our work at CV Escrow can’t begin until we have these documents completed, so in order to ensure an on-time escrow process, return your opening package documents within 3-4 days of receipt. For sellers who want their proceeds promptly at the close of escrow, and for buyers who want the keys to their new property, completing the opening package promptly is the best way to ensure that everyone gets what they want, when they want it.