These are commonly asked questions that we have been asked. If there are any questions you might have that are not found here, pleaseContact Us
What is Escrow?
An escrow is an arrangement made under contractual provisions between transacting parties, whereby an independent trusted third party (Westlake Escrow) receives and disburses money and/or documents for the transacting parties, with the timing of such disbursement by the third party dependent on the fulfillment of contractually-agreed conditions by the transacting parties. Escrow is also an account established by a broker, under the provisions of license law, for the purpose of holding funds on behalf of the broker’s principal or some other person until the consummation or termination of a transaction. Escrow also serves as a trust account held in the borrower’s name to pay obligations such as property taxes and insurance premiums.
Who pays for the escrow service?
The method of dividing the charges for the services performed through escrow or as a result of escrow varies from place to place. The fees and service charges to be divided might include, for example, the title insurance policy premium, escrow fee, any transfer taxes, recordation fees, and cost in connection with any loan being obtained. Unless there is some special agreement between the buyer and seller as to how these charges are to be paid, local custom will generally be followed in drafting the instructions to the escrow holder as to how they are to be divided.
I am a Veteran; does Westlake Escrow offer any military discounts?
Westlake Escrow strongly supports our troops. We our happy to offer military discount to all veterans and military personnel. Please feel free to ask one of our staff members for more information.
Why is a Refundable Pad listed on my estimated closing statement?
Although the escrow holder completes an estimate prior to closing escrow, items such as fees and interest may change daily. A refundable pad is used to avoid any shortages when closing escrow. Any unused portion of the pad will be refunded at the close of the transaction.
Can escrow accept a personal check at the time of closing?
The escrow holder must have a cashiers check drawn on a California bank or funds wired in order to close escrow in a timely manner. This is because escrow funds must be good or cleared prior to the close of escrow. Personal checks can be accepted however; it will take up to 10 (ten) days to verify funds and for the check to clear.
What are closing costs?
Closing costs differ depending on the type of transaction involved. Escrow fees are based on the value of the escrow; for example sales price, refinance loan amount, etc., but may vary based on the complexity or additional services required. Other fees that may be incurred during the escrow are new loan financing charges, title fees, commissions, payoff to existing lender and notary services. The escrow holder has no control over the fees that are charged by outside parties. It is your right to request an estimated closing statement to review prior to the close of escrow.
I'm an agent who currently uses a different escrow company; can you beat or match their fees?
At Westlake Escrow we strongly believe that we offer the very best customer service at a great value. That being said, we do understand the competitiveness of the industry and are happy to beat any REASONABLE fees. Our goal is to build long-term relationships with our clients. We try our best to create a satisfying experience for you and your clients. Please feel free to make any special requests.
Where do I sign loan documents?
We offer two options for signing loan documents. The first option is to visit our office during work hours to sign with an in-house notary public. In office after hours signings are also available by appointment. A mobile notary public can also be sent to your residence to sign documents in the convenience of your own home. Many signers are not available during work hours and therefore we offer this service 7 days a week.
When will my Escrow close?
Once all the terms and conditions of the instructions of both parties have been fulfilled, and all closing conditions satisfied, the escrow is closed with the documents being recorded in the public records, and the safe and accurate transfer of property and money has been accomplished.
At closing, when can the seller expect to receive the net profits?
Once documents have been recorded, the Escrow holder must wait for the wire transfer from the Title Company. This is usually received 24 hours after recording. Upon receipt of said funds, the Escrow holder must balance the file and can then issue checks and closing statements.