What are my closing costs?

Answer: An Estimated closing statement will be provided to you prior to the close of Escrow. Several Estimated closing statements might be generated through the course of your Escrow for the purpose of getting the loan approved and finalized. Escrow will advise the borrower(s) of the final amount of funds to wire, if applicable, to escrow.

How will I receive my proceeds from my refinance?

Answer: If you are receiving cash out from your finance you have a couple ways to receive your money. You can request that a wire be sent to your bank account, this will require instructions to be signed with a notary public, or you can receive a check at the close of escrow.

When is my first payment?

Answer: You can find the date of your first payment by looking on your note, first payment letter, found in your final loan documents or you can contact your lender.

My lender asked me to sign a Borrower’s Authorization. Why do I have to sign Escrow’s Authorization?

Answer: Banks and lien holders require that the authorization come from the actual party who is ordering the payoff demand.

What are impounds?

Answer: Impounds are money held aside from each mortgage payment by your lender to pay for property taxes or homeowners insurance when they become due.

Why do I have to pay interest on my existing loan and my new loan at closing?

Answer: Interest is paid in arrears, therefore interest is always behind a month on your mortgage payment. We pay off your current loan and all of the interest through the day your old lender receives funds. For the prepaid interest on your new loan we have to bridge the gap between the date we fund your new loan and your first months payment.

For more resources go to www.oakwoodescrowresources.com

 

 

Most real estate transactions in the State of California utilize the services of an escrow company. Ironically, escrow remains one of the least understood elements of the real estate process.

Because of this, buyers and sellers often place their faith in the real estate broker or lender to recommend an escrow company. What most consumers don’t realize, however, is that they are entrusting this escrow company to safeguard their funds being held in trust. In addition, it is the primary responsibility of the escrow holder to ensure that all of the necessary instructions in the real estate agreement are executed.

The responsibility to protect the consumers’ interests should not be taken lightly. The escrow holder must remain impartial during the escrow period to ensure fair representation of all parties. It is crucial, then, that the broker, lender or the consumer makes a knowledgeable and informed decision in choosing an escrow company.

“Licensed” VS. “Controlled”

All escrow companies in California can be classified into two basic categories: Licensed or Controlled. Moreover “Licensed” escrow companies are independent businesses licensed by the California Department of Business Oversight(DBO). However this license regulates the procedures and practices of the companies and subjects them to stringent requirements designed to protect consumers. “Controlled” escrow companies are non-licensed businesses that can be owned by a variety of the entities, including real estate brokers, mortgage brokers, banks, savings and loans, and title insurance companies. Such companies fall under the jurisdiction of a variety of supervising agencies, with regulations and requirements that vary widely. One fact remains constant however; none of the agencies have regulations as strict as those imposed on the escrow companies licensed by the Department of Business Oversight.

Neutral Third Party

The bottom line is that a licensed escrow company is the best possible neutral third party to complete your real estate transaction. Whether searching for an escrow holder yourself, or if you are looking to recommend one to a client; a licensed escrow company gives you peace of mind.

Regulatory Agency

Escrow companies are governed by the “Escrow Law”, contained in Division 6 of the California Financial Code, and regulated under Title 10 of the California Code of Regulations. Inquiries regarding escrow licensees may be directed to the Department of Business Oversight, 320 Fourth Street, Suite 750, Los Angeles, California 90013(213-576-7500)

Bonding

Escrow Agents’ License Bond and license mandated membership in Escrow Agents’ Fidelity Corporation, a California non-profit mutual benefit corporation, is found in Section 17312 of the California Financial Code. Requirements for Maintenance of tangible net worth and excess of liquid assets are set forth in Section 17210 of the California Financial Code.

For more resources go to www.oakwoodescrowresources.com

Here are 8 Sellers Tips for a successful Escrow closing:

  • When you  receive your escrow opening document package, promptly sign and return the forms. If you prefer to meet with your Escrow Officer to go over the package, please let them know right away so you can schedule an appointment.
  • Tell your Escrow Officer if you plan to be out of town during the escrow period or if one party will be signing documents using Power of Attorney.
  • Let your Escrow Officer know if the escrow is part of a 1031 tax-deferred exchange and provide the name of the Qualified Intermediary.
  • Be responsive to the requests of your agent and escrow officer. Remember, they are working together to close your escrow smoothly and on time.
  • Talk to your Escrow Officer if there has been a change in the title of your property such as divorce, deceased owner, or a trust transfer. This may affect the instructions covering the disbursement of your proceeds at the close of escrow.
  • Remember to keep the payments of your existing loans current during escrow. Regarding property taxes. talk to your escrow officer if a payment becomes due during your escrow period. He or she can give you advice about ways to avoid double payments or “holds” on your funds at closing.
  • Tell your escrow officer if you are involved in negotiations with your existing lenders(for example, delinquency issues) or legal or estate proceedings which might affect the property, such as a probate sale.
  • Be sure inspections or repairs are ordered quickly. Coordinate this process with your agent and plan to make your property readily available for inspectors or appraisers which may be requested by the buyer or his agent.

For more on Oakwood Escrow please go to www.OakwoodEscrow.com

For more Escrow Resources please go to www.oakwoodescrowresources.com

 

  • When you receive your escrow opening document package, promptly sign and return the forms.
  • Tell your escrow officer if you plan to be out of town during the escrow period or if one party will sign documents using a Power of Attorney.
  • Let your escrow officer know if the escrow is part of a 1031 tax-deferred exchange and provide the name of the Qualified Intermediary, if any.
  • Be responsive to the requests of your agent, lender, and escrow officer. Remember, they are working together to close your escrow smoothly and on time.
  • Escrow will advise the Buyer(s) of the final amount of funds to wire to escrow. This amount will include a balance of down payment and total closing costs.
  • Please insure your money is deposited in an account where the bank can wire your funds to escrow within 48 hours prior to the close of escrow. Having closing funds readily accessible can avoid delays. If you are using funds from your 401K, or investments accounts please be sure that the company can send funds to escrow in the form of a bank wire and ACH transfers.
  • Good Communication is important! We welcome an opportunity to assist you, and are happy to direct you to the appropriate party to help you get the information you need.
  • Be sure inspections or repairs are ordered quickly. Coordinate this process with your agent and plan to make your property readily available for inspectors and appraisers that may be requested by the buyer or his agent.
  • Oakwood Escrow will NEVER email wire instructions for the file. If you receive wire instructions via email purporting to be from Oakwood Escrow, they are not Valid! Please contact your escrow officer immediately.

For more information on Oakwood Escrow please go to www.OakwoodEscrow.com

For more Escrow resources please go to www.oakwoodescrowresources.com

  1. Buyer & Seller: ” Our contract has a specific number of days for closing. If it says “45 days” can I rely on that time frame?”

Answer: Our company will work tirelessly with all of the parties in your transaction in order to close on time. However, many factors come into play that can affect the completion date. For example: lender approval, appraisals, delay in receiving Homeowner’s Association Information and/or seller loan payoff information, unexpected cloud on title, something unforeseen arising that could affect the terms of the contract, actual receipt of the loan documents, and the loan funding (timing varies with different lenders). These variables can on occasion delay the original close of escrow date.

 

2. Buyer & Seller: “This is a huge packet of paperwork?! How should I get this back to escrow?”

Answer: Please return completed paperwork back to escrow as soon as possible. Many times, an escrow can be delayed because the Buyer(s) or Seller(s) did not return paperwork and necessary information to escrow in a timely manner. Items for the Buyer such as: vesting (how they desire to take the title to the property), fire insurance information, new lender information, etc. For the Seller, items such as: Homeowners Association contact information, information to payoff existing loans, and the notarized grant deed are needed soon as possible on order to have a smooth and successful transaction. Often a check is needed from the Seller up-front in order to pay for HOA documents and reports requires by City Ordinance. When you receive a packet from escrow, please open and review it immediately. Your Escrow Officer is happy to answer any question.

 

3. Buyer: “What are my closing costs?”

Answer: An estimated closing statement will be provided to you prior to the close of escrow. Several estimated closing statements might be  generated throughout the course of your escrow for the purpose of getting the Buyer’s loan approved and finalized. Escrow will advise the Buyer(s) of the final amount of funds to wire to escrow. This amount will include balance of down payment and total closing costs.

 

4. Buyer & Seller: “What kind of advice can escrow give?”

 

Answer: Escrow is a neutral third party; therefore we are not allowed to give advise, particularly legal advise, such as how you hold title or what your rights are in the transaction. Our  job is to make sure all the terms and conditions relating to the Escrow Instructions are met prior to title passing and money being disbursed. Good communication is important so we welcome an opportunity to assist you, and are happy to direct you to the appropriate party to help you get the information you need.

 

5. Buyer: “When do we have to give escrow our money?”

 

  Answer:Please ensure your money is deposited in an account where the bank can wire your funds to escrow within 48 hours prior to the close of escrow. Having closing funds readily accessible can avoid delays.  If you are using funds from your 401k, or investment accounts please be sure that the company can send funds to escrow in the form of a bank wire and not ACH transfers. If you are using gift funds, please know that this type of deposit requires signed third party escrow instructions and new lender approval. Closing Funds need to come  from an account sourced and verified by the new lender.

 

For more on Oakwood Escrow go to www.oakwoodescrow.com

 

Sometimes the openings of an escrow transaction can lead to some “unwanted Surprises”. In order to avoid any future issues, and to allow for a smooth closing process for your transaction, below are some “tips and tricks” that may be useful:

  • Before going to your listing appointment, be prepared and stand out from everyone else. Order an estimated statement of fees/settlement statement from your escrow officer to take to your listing appointment so that your clients will have an idea of the costs associated with the sale of their property. This will also provide them with an idea of what their “net proceeds” will be at the end of the transaction.
  • Order the property profile or the “legal and vesting” for the subject property. READ HOW TITLE IS HELD and confirm that your sellers are the actual parties that can sign all the documents for the sale of the property.
  • Always pre-order the preliminary title report from the title company upon taking your listing. This will allow you, escrow, and title to address any special needs that will need to be addressed for your escrow transaction.
  • Prepare your buyers! Always let your buyers know that the initial deposit funds AND final funds to close will need to be “ELECTRONICALLY WIRED” TO ESCROW and will need to be provided to escrow as per the terms of the contract. (usually 3 days from acceptance date) NO ACH DEBIT(S) ARE ALLOWED. Provide them with your escrow holder name and number so that they may call direct to obtain wire instructions for the forwarding of funds, OR, advise them that the escrow holder will be contacting them direct to provide wire instructions directly.
  • ALWAYS ask your clients if they have any plans on leaving the area during the escrow process. This can sometimes delay the escrow closing if at the last minute we are informed that the buyer/seller is out of town, or out of the country and they are not available to sign their escrow/loan documents.
  • At the listing appointment, ask your seller if there is a homeowners association involved with the property, if so, is there just one, or two? You would be surprised how many homes are within a “master” and “sub” association. Also PREPARE YOUR SELLERS that there may be {and usually will be} an upfront HOA fee required to be paid to EACH homeowners association. This is usually $300.00 to $500 for EACH homeowners association for the property. Also prepare them that the cost for the upfront HOA fee will include a RUSH fee, as it is imperative that the HOA documents are ordered in sufficient time for the buyers to receive and review in order to remove their contingencies.
  • Title owned under Trust(s), LLC, Incorporation. If you see that the current ownership is under an “entity” as opposed to individuals, remember that title and escrow will ALWAYS need a copy of the supporting documents to be reviewed and approved. Sometimes sellers will keep these documents in an area other than their residence , so please let them know that they will have to retrieve the original documents to be provided to your escrow holder.
  • Title owned as individuals: If you have more than one seller of the property, Always ask if they are married, Single, Etc. Based upon their answer, further documentation may need to be provided and /or prepared to successfully close your transaction.
  • Always provide your escrow holder with your client contact information at the opening of escrow. This should include clients address, email and phone numbers. Also include your transaction coordinator information if applicable as well as the other agent contact information.
  • To stand out above the rest, physically schedule an appointment with your clients at the escrow company to sign their initial paperwork and to “hand them off” to your escrow holder.
  • Let your escrow holder know if your clients are senior citizens, military as they may be eligible for an escrow discount on their escrow fees.

For more on Oakwood Escrow go to www.OakwoodEscrow.com

 

Escrow

The term Escrow is from a French word “escroue” which means a “scroll of writing”. Escrow companies are used in most western states as settlement agencies, while in other parts of the country, the closing process is handled by the title companies or lawyers.

Types of Escrow Holders

In the state of California, there are three main types of escrow holders that can be used, and each has its own regulatory agency.

Title Insurance Companies: In Northern California, the majority of escrows are handled through the Title Insurance Companies which are regulated by the Department of Insurance.

Independent Escrow Companies: These companies specialize in escrow and only escrow, and therefore are held to the highest standards. They are regulated by the Department of Business Oversight and are required to maintain a high level of liquid assets as well as hold a bond through the Escrow Agents Fidelity Corporation.

Real Estate Brokers: These escrow holders are affiliated with specific real estate companies and are audited and regulated by the Bureau of Real Estate. They may only handle escrows in which there is at least one agent on the transaction connected to their real estate affiliate.

Reasons for Escrow

  • Escrow serves as a neutral depository or disinterested third party for money and documents.
  • Escrow holds a fiduciary role and MUST act completely impartial towards everyone involved in the transaction. By holding all money and documents, escrow acts as a form of consumer protection.
  • Escrow provides clear, concise accounting of all funds involved in the transfer process.
  • Escrow assures that all the conditions will be met before the deed(s) is/are recorded and money is exchanged.

Throughout the transaction, escrow is responsible for preparing and arranging for the safe delivery of all funds and documents to their proper recipient by the close of the escrow.


Principals are considered any of the following:

  • Buyer & Seller in a sale
  • Borrower & Lender in a refinance
  • Lessor & Lessee in a lease of rental agreement
  • 1st party & 2nd party in an exchange
  • Vendor & Vendee in a land contract

Other Parties:

  • Real Estate Brokers and Sales Agents
  • Title Insurance Officers & Representatives
  • Lenders
  • Termite Companies
  • Insurance Agents
  • Homeowners Associations
  • Attorneys
  • Government Agencies for loans, taxes, court liens, etc.

For more on Oakwood Escrow go to www.oakwoodescrow.com

 

We always enjoy coming to this Golf Tournament every year. The Putting for Peyton Golf Tournament benefits the Here with Hope Foundation. This particular event is their biggest fundraiser they do throughout the year. If you didn’t make it out this year definitely mark your calendars for next year because this is such a beautiful event.

When you attend this event your help and donations go directly to benefit families of children battling cancer. Here with Hope is there to offer guidance and support to families by helping them out financially and getting them the help they need. Each and every family receives personalized attention and help to guide them through one of the most difficult times in their lives. They want the families to be able to focus 100% on what is most important to them-the health of their child. They are able to achieve their mission by holding events such as this. For more on Here with Hope and to see when they are holding their next event go to www.HerewithHope.com

Check out this awesome OTV covering the 4th Annual Putting for Peyton Golf Tournament at the wonderful San Vicente Golf Course in Ramona! Interviews are done by Molly O’Dell of Oakwood Escrow. The interviews include: Lindsey McMorran the Co-Founder of Here With Hope, Brenda Harries Peterson with Allstate Insurance, Kelsey Teufel with ALCAL Specialty Contracting Inc., and Jamie Waldon with Oakwood Escrow!

For more videos go to www.oakwoodtv.tv

For more on Oakwood Escrow go to www.OakwoodEscrow.com

 

RPM Mortgage is hoping to provide relief to children of LaGrange and other small communities in Texas by gathering donations and school supplies! This small town lacks vast resources that other larger cities have available. The children in these communities struggle to return to school and they are lacking the supplies they need. WE ALL CAN HELP!

100% of the donations will support children and families in need! Whether you are able to donate school supplies or a cash donation, anything is greatly appreciated. However you can make donations at www.biggerthanbanking.com or you can drop of school supplies at any of our 5 Oakwood Escrow Locations or RPM Mortgage in Carlsbad!

Oakwood Escrow Rancho Bernardo

11225 W. Bernardo Court, Suite 102

San Diego, CA 92127

Oakwood Escrow Del Mar

2690 Via De La Valle, Suite D260

Del Mar, CA 92014

Oakwood Escrow Escondido

940 Canterbury Place, Suite 100

Escondido, CA 92025

Oakwood Escrow Mission Valley

3465 Camino Del Rio South, Suite 200

San Diego, CA 92108

Oakwood Escrow La Mesa

8691 La Mesa Blvd.

La Mesa, CA 91942

For more information on Oakwood Escrow go to www.OakwoodEscrow.com or for more videos go to www.oakwoodtv.tv!

Food Trucks, Live Music, Hay Rides, Wine & Beer Garden, a Movie, a Laser show and to top it all of an opportunity to Camp for a Cure at Bates Nut Farm!  Sherrie Ness & Family, Owners of Bates Nut Farm hosted the summer extravaganza this past weekend. Melody Peterson, a Team Captain and a member of the Event Leadership Team of the Relay For Life of Valley Center envisioned having a “movie night” at Bates Nut Farm as a unique opportunity to fundraise!  The initial planning meeting took place and all the fun additional elements were added with much enthusiasm by Sherrie Ness and her team!

Eric Jockinsen of Big “E” Sound took charge of Logistics and Sound, the Crimson Crow band provided a rock & roll experience. Oakwood Escrow provided volunteers along with the Optimist Club of Valley Center to insure there were supplies & beverages for the wine and beer garden. The money raised in the “garden” directed funds through the Optimist club for youth programs in our community. The Valley Center Pageant Association was on board to provide a heartfelt welcome to the attendees of all the activities and offer an opportunity for pre-sale movie tickets.

Campers were excited to get to their campsites and began arriving at Bates Nut Farm Saturday morning at 9:30 a.m. Some of the attendees were Cancer Survivors and many wanted to come out and support a family business that was willing to give back for an amazing cause!  Friends and Family came from Pauma Valley, Escondido, San Marcos, Vista, Oceanside as well as Orange and L.A. County!

The Food Trucks arrived at 4:00 p.m. and there were folks lined up to enjoy all the great food until they left at approximately 7:30 p.m. Everyone was enjoying the beautiful summer evening with good food, good friends and family.  Sharon Briscoe, Volunteer with the American Cancer Society presented Sherrie Ness owner of Bates Nut Farm with a plaque of appreciation for her commitment to provide the venue every year for the Relay For Life of Valley Center and in addition this year the 1st Annual Fight Back 5K took place this summer as well!

Just as the sun was about to set everyone gathered around the perfect spot among the trees for an outside movie. Artistic Labor Productions provided an appropriate screen for the evening along with a few fun cartoons, the screening of the movie SING! and following the presentation of the movie was a dazzling Laser Show; there were many oohs and awe’s!

Over 500 people made their way out to the farm to enjoy all the festivities and just over 50 families enjoyed camping in their tents or RV’s.  The Relay For Life of Valley Center was the beneficiary of part of the camping fee and the donations for the movie.  It was a very successful fundraising event with over $2,100 raised in a few hours.  This amount brings the total fundraising effort of this community to just over $60,000 this fiscal year which ends on August 31st

Every dollar raised helps in many ways; just $50 helps get a cancer patient to treatment if they do not have someone to take them. For a cancer patient and their caregiver $500 provides five nights of lodging when they are unable to get the treatment they need in their hometown.  There are many programs and services provided by the American Cancer Society; please visit www.cancer.org or call 1-800-ACS-2345 for more information.

Valley Center is one of the top fundraising communities in our region with nearly $500,000 raised since 2011!  All the money raised in Valley Center stays in San Diego County for programs and services and also provides funds for local researchers for a CURE!  This would not be possible without the many volunteers, businesses and organizations in our community and the AMAZING residents of our town!

If you are interested in volunteering to help with future fundraising events please contact Sharon Briscoe by email at sbriscoerelay@hotmail.com