Deniece Watkins Smith
Realtor®, ePro, SRES
DRE#01295757
Hi, I'm D.
650-483-2055 Direct
650-887-2171 eFax
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ESCROW
AND TITLE
Escrow refers to the monies that get transferred between the Buyer and
Seller and any pertinent vendors to close the sale.
County Norms and Customs
(Pertaining to Escrow and Title Fees)
When you are
considering selling or buying a home in Santa Clara County or San Mateo
County, there are several customs that are locally mandated,
including necessary disclosures, the way properties are presented,
taxes that are paid and
more. However, most specifically, escrow and title fees are
handled differently in each county.
In general, Sellers pay for escrow
fees and the cost
of an ALTA or CLTA homeowners policy of title insurance in Santa Clara
County. Buyers pay for those items in San Mateo County (*with
exception). (**See
more info on title and escrow below.)
To state specifically, the PRDS Contract (Ver
05/11), paragraph
16 (which pertains to Title and Escrow fees) says:
| TITLE INSURANCE AND PRELIMINARY TITLE
REPORT: ( ) Buyer ( ) Seller shall pay escrow fees and the cost of an ALTA or CLTA homeowner’s policy of title insurance issued by or through___________________________________ (“Escrow Holder”). If a lender’s title policy is required, Buyer shall pay its cost. Buyer shall obtain and review a current preliminary (title) report. Seller shall Deliver title free of all monetary liens not expressly assumed by Buyer, and property taxes shall be prorated as specified in Paragraph 24B. Subject to the foregoing and to Buyer’s title contingency rights, if any, Buyer shall take title to the Property subject to all existing easements, restrictions, claims and other exceptions to title, whether or not of record or referenced in the preliminary report. If a time frame is specified in Paragraph 8E, this Contract is contingent upon Buyer’s approval of a current preliminary report and Buyer’s approval of the status of title of the Property. NOTE: A preliminary report is only an offer by the title insurance company of title insurance; it is not a representation of the actual condition of title, and may not identify every issue affecting title. The type and cost of title insurance coverage can vary. Buyer is advised to contact a title officer regarding the cost and availability of different title insurance products that can provide enhanced protections. |
Depending on which is checked in this paragraph of
the contract, either Buyer or Seller will be obligated to pay for
escrow fees and the cost of an ALTA or CLTA homeowner's policy of title
insurance. The Buyer fills in the line indicating the agreed upon
"Escrow Holder", which dictates who will be the escrow and title
company to complete the transaction.
*If a check mark is made in the "Seller" box on a fully
executed contract (signed by all parties), yet the subject property
being purchased is in San Mateo County, the Sellers will be obligated
to pay the fees.
**When my clients have an opportunity to choose, I
most frequently suggest they work with Dawn
McCahan from Chicago Title in Los Altos. (However, it is the
client's job to choose
the title/escrow company and coordinator and I do not take any
liability for any vendor my clients choose, nor do I get paid anything
to refer clients to my vendors.) Dawn
has years of experience. Using her company's website, the links
below will give you lots of information regarding escrow and title.
| Escrow:
What each party
does |
Title
insurance info |
| Escrow
terms
and
phrases |
Escrow
glossary |
It is extremely important to work with an agent who
is very familiar with the the contract to ensure that
your negotiating position is strongest and liabilities are fewest.
Paying Property Taxes
Home
Area Information
Real Estate News
Featured Listings
Search crime statistics in your area
Buyers
1) Loan Application and Pre-Approval
2) Finding Your Home
3) Making an Offer
4) Offer Acceptance and Contingencies
5) Escrow and Title Process
6) Paying Taxes
7) Home Maintenance
Sellers
LA, LAH, MV, PA,
PV, SU Area Updates
Schools
Utilities
References
Los Altos, CA 94022
Updated June 2011
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