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Thomas and his staff has been the Property Manager of Blakeley Place
Condominiums for approximately two years. During Thomas' tenure he has
proven the ability to effectively execute all facets of his
responsibilities. His entire staff have superior communication skills and
are a pleasure to interact with.
As a complex we have had several major projects, Thomas took a major role in
overseeing these projects. He got multiple bids, did research on the
vendors and project completions were great.
I highly recommend Thomas and his staff to fulfill any of your Property
Management needs.
Sincerely
Michael Tornetta
Blakely Place Condos
HOA President
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Escrow
This is a brief description of the service ...
Escrow is the neutral third party who handles the transfer of documents and monies involved in the closing of a Real Estate transaction based upon a written instructions from the buyer and seller and lender involved.
The purchase of a home is the single largest investment most people make in their lifetime.
While most people are familiar with the lending process few people are aware of Escrow, and how it affects the purchase of a home.
Although it is the buyers right to choose both the lender, and the Escrow Company, the closing is important to both the buyer and the seller. Choice of an Escrow Company can be a mutual decision.
To help better explain, "Escrow" we have prepared the following outline.
An Escrow Outline
I. Receives Lenders/Real Estate Agents request to open escrow.
a) Earnest Money Agreement
b) Copy of Good Faith Estimate
c) Any other necessary information
II. Order Title Insurance
a) Buyers name
b) Sellers name
c) Property address
d) Legal description
e) Amount of coverage
III. Send out preliminary Escrow instructions and Title report
a) to Buyer
b) to Seller
c) to Listing & selling Agents
IV. Send out requests for loan payoff or assumption package
V. Clear and title encumbrances or defects
a) Judgments
b) Assessments
c) Homeowners Dues
d) Leased Fixtures
e) Probate matters
f) Corporate resolution matters
g) ALTL clearance
h) Encroachments
I) Anything else that might be needed
VI. Communicate with lender regarding loan documents and closing date
VII. Loan Documents and instructions from lender
a) complete lenders documents if not already done
b) Order fire insurance
c) Clear lenders conditions
d) Follow all lenders instructions
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An Escrow Outline (con't)
VIII. Prepare escrow closing papers
a) Estimate settlement statement
i) All calculations of fees and prorations
b) Escrow instructions
i) Gives closer permission and instructions from buyer and seller to close
c) LPO discloser
i) Required by law for the selection and preparation of legal documents
d) Warranty deed
3) Excise tax affidavit
f) Any other legal documents that might be needed to close, i.e. seller financing documents
IX. Schedule separate appointments for buyer & seller to sign their closing papers
Appointments are approximately 45 minutes to 1 hour in length, and either party can sign first.
At this time all monies due to the transaction must be received in the form guaranteed funds by the escrow officer.
X. Put together funding package and deliver to lender
(Usually requires 24 hours for lender to review. If changes are needed it might mean having buyer/seller back in to re-sign
XI. Put together and deliver recording package to title company
(They review for accuracy)
XII. Obtain lenders approval and amount of their funding check
XIII. Call title company to release recording
XIV. Do final audit and balance out file
XV. Type final settlement statement, cover letters and checks to be disbursed
(usually 6 to 12 checks for the typical transaction)
XVI. Disburse all funds and documents to proper parties
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Reference Accounts
- Reference 1
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The principles of the company are Shelley A. Smith Attorney/President, Gregory J. Lawless Attorney, and Ivy
Brunskill Attorney
"As attorneys, we use our expertise as a neutral third party to protect the legal rights of both the buyer and
the seller. The benefit to using an attorney as an escrow agent lies in our training and expertise in spotting
legal issues that exist or may arise in the future. An attorney acting as an escrow agent will alert both
parties to potential problems so these issues may be resolved before they become costly legal problems.
These transactions often become very complicated. Numerous interested parties, outside of the buyer and
seller, often become involved in the closing process. These parties, include lenders, other attorneys, family
member, guardians, trustees, personal representatives, government agencies, creditors and lien holders, to
name a few. We have extensive experience and enjoy the challenge in handling even the most
complicated transactions.
We take pride in ensuring that the parties are fully informed during the closing process and clearly
understand the legal implications of the closing documents. We take the time to work with the buyer and
the seller to explain the process so that in the end, both parties are satisfied."
- Reference 2
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Since 1984 Phoenix Escrow has helped thousands of families close their home purchase. Escrow companies like Phoenix Escrow, hold in trust all of the money involved in the purchase, sale or refinance of a home.
The escrow company is also responsible for processing the paperwork needed to clear and transfer title, recording documents with the county and disbursing funds between the buyer and the seller. Escrow companies are typically recommended by your lender or realtor – although the final choice of who to use is up to you.
- Reference 3
- State Mortgage & Escrow, Inc.
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The Company
Today, few companies can boast that 75% of there business is from repeat clients. That is the way it is
with State Mortgage & Escrow! Twenty eight (28) years ago they were closing some clients' first homes
and now they're closing their children's homes! Their dedication to meeting their clients every need getting
the job dome the first time has left the competition far behind.
Known as the "Little Yellow Building" on Rosehill, State Mortgage & Escrow is a very owner operated
company. Every client coming in deals with the owner to ensure all their needs are heard and responded
to immediately.
The President
Diana Clay has been dedicated to the Escrow industry for almost 2 decades. As the former assistant to
its founders, Diana's sharp mind and committed attitude opened up for her and her husband Bill Graves,
the opportunity to buy State Mortgage & Escrow in 1981.
With over eighteen (18) years as President and owner of State Mortgage & Escrow. Diana is looking
forward to continuing in the tradition of offering only the highest standards and complete dedication to all
their clients.
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