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Escrow Checklist – Closing Checklist – List of Items needed

escrow checklist for real estate Below is a great escrow checklist for closing your deals. When agents and investors start closing deals sometimes the details can get over looked. So as your deals start coming to fruition you will want to systemize things to make it easy. Take a look below at some of the Items that will be needed for most closing’s in CA (Other states will vary slightly). Print out the checklist below and turn it into a checklist for each one of your buyer/seller transactions. Put them in each file and check them off as you get the Items in, that way you can stay on track and make sure there are not delays as you progress towards a successful closing.

Seller Escrow Checklist

1) Escrow Instructions – Review with escrow officer and check for accuracy

2) HOA information (if applicable) – Get HOA information and find out if there are any problems with the building. Make sure a condo cert has been ordered. Get all contact info and payoffs.

3) Confidential Statement of Information – Must be fully and accurately filled out so the title company can complete their title search.

4) Certificate for 1099 Reporting – Make sure it is complete and signed

5) Affidavit of Non-Foreign Status – IRS requires buyers to buy from a foreign seller to withhold 10% of the purchase price from the sale proceeds, this form shows that they are in fact a US Resident and of “Non-Foreign Status”6) California Real Estate Withholding Certificate (Form 593-C) – Completed. Determines if the seller is exempt from Franchise Tax Board. For additional Information call the Franchise Tax Board at 888 792 4900

7) Grant Deed – Signed and Notarized. Make sure the names match title.

Buyer Escrow Checklist

1) Escrow Instructions – Review with escrow officer and check for accuracy

2) Confidential Statement of Information – Must be fully and accurately filled out so the title company can complete their title search.

3) Insurance Information – The lender will require at least fire insurance prior to funding. Designate an Insurance agent and supply contact information.

4) Preliminary Change of Ownership – Filled out and submitted to the County Recorders office at the time of recording the grant deed. Used by the tax assessors office. 5) Vesting worksheet – Showing how title will be held. Needs to be supplied to lender prior to docs.

6) HOA information (if applicable) – Get HOA information and find out if there are any problems with the building. Make sure a condo cert has been ordered.

What else are you using on your checklists, how can we make this list better?

To your success,

Oliver Graf

Real Estate Expert

Follow me on Twitter: Twitter.com/OliverGraf360

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