Congratulations! Escrow has closed on your property!
Well, the answer to that depends if you are a buyer or a seller. Let’s start with buyers.
IF YOU ARE A BUYER:
- You will receive your “Policy of Title Insurance” by mail directly from the title insurance company. This document is very important. It gives you assurance that your property is vested in your name and that it is free of any defects or liens except those which were approved by you. In the event that you do not receive this document within 90 days of the closing date, contact Lighthouse Escrow.
- You will receive the original recorded Grant Deed by mail directly from the County Recorder.
- You should retain your final closing statement in a secure place as you may need it for tax preparation purposes.
- If you obtained new financing, you should receive payment information from your Lender. Contact your Lender if you do not receive any communication before your first payment is due.
- If the Seller carried a Purchase Money Note, the Seller will provide you with a mailing address for your payments. Typically, the first payment is due 30 days from the close of escrow, buth there are exceptions to this. Check your copy of the Note for the exact date.
- If your property is affected by a Homeowners Association, you should receive payment information from the management company in the weeks following the close of escrow. Call the management company if you do not receive notification from the association.
- You may receive one or more Supplemental Property Tax bills after close of escrow. Your Escrow Officer can answer questions about bills which were reported during the escrow period. Contact the Tax Assessor’s Office for questions about other bills you may receive. If your loan has an impound account, notify your lender if you receive any supplemental tax bills.
IF YOU ARE A SELLER:
- If you carried a Purchase Money Note, you should expect to receive the original recorded Deed of Trust from the County Recorder. The original Note and the Deed of Trust should be retained in a safe place until the loan is paid in full.
- If your escrow required that funds be held after closing, these funds will be disbursed as soon as the requirements of that hold are satisfied. Contact Lighthouse Escrow if you don’t receive those funds in a timely manner.
- If you paid off pre-existing loans or other liens, you may receive documents which confirm these payments. Keep these in a safe place – you may need them for future reference.
- It is very important that you properly store the documents from your escrow transaction – especially the final closing statement. Your escrow documents contain important information which you will need to properly prepare your tax return. In the event that you lose these documents, Lighthouse Escrow has you covered. Using Green Folder technology, we keep a digital backup of your escrow documents. Call us at 800.757.1550 if you need a digital copy of your escrow documents.
INFORMATION FOR BUYERS AND SELLERS:
- Real property tax bills are mailed in late October of each year. Sellers who receive the bill after escrow closes should forward the bill to the Buyer. As a Buyer, if you do not receive the original bill, a copy can be obtained from the Tax Assessor’s Office. Remember, the first installment must be paid by December 10 and the second installment must be paid by April 10. If you need a copy of the tax bill, contact the Assessor early to avoid late penalties on your tax payments.
- It is likely that we’ll need to forward documents to you after escrow closes so please provide Lighthouse Escrow with your correct post-closing mailing address.