Should we stop making payments on our current loan?
No. Sellers should continue making regular payments on the existing loan. As part of the escrow process, Premier Escrow will order written pay-off statements to ensure the proper amount of principal and interest are paid at closing.
Does Escrow need copies of pest inspections?
Yes, if a pest inspection is required by the Lender. In that case, we will need both preliminary and final inspection reports. Both Buyers and Sellers will sign the reports at closing, then we will forward the signed copies to the Lender. Note: Premier Escrow can pay the inspection company out of your proceeds if you wish.
Who handles the transfer of utilities?
The Sellers are responsible for making sure we have the account numbers from all lien-able utilities, such as water, sewer, etc. (This does not include electricity, garbage, cable or telephone.) Under Washington State law, these utilities may be paid out of the Sellers proceeds if we are so instructed by the Seller. The Buyers are responsible for calling and opening their own utility accounts.
What happens to any other leased equipment already in use on the
property?
The parties will state how this is to be handled in the Purchase & Sale
Agreement. Leased equipment is normally paid off at closing, and will be
charged to either Buyers or Sellers, depending on their agreement.
When and how do we get the keys to our new property?
Buyers should coordinate the delivery of keys with your Realtor. Keys are
usually available on the Closing Date as instructed in the Purchase & Sale
Agreement.
Will Premier Escrow notify me when the property closes?
Yes, we call the Buyers, Sellers, and their Agents as soon as we receive
proceeds from the Lender and the Title company notifies us of recording.
Who pays the escrow fee?
The escrow fee is paid in equal parts between the Buyer and Seller, with the exception of a VA transaction (on which the Seller pays the entire fee). The fee is paid at closing.
Who pays for Title insurance?
Payment of title insurance fees are negotiated by the Buyers and Sellers when the Purchase & Sale Agreement is drawn up. Usually, the Seller pays for the Owners policy, the Buyer pays for the Lender policy.
