Frequently Asked Questions
Based in Corona, CA, New Dimensions Escrow offers escrow services to clients across California. We know you have a lot to keep track of during the real estate sales process, especially during escrow. As part of our commitment to clear communication and efficiency, we have assembled frequently asked questions.
EFFECTIVE AS OF JANUARY 2015
Wiring the Earnest Money Deposit:
When does the Buyer need to provide Homeowners Insurance Information?
Do I need to pay my Mortgage Payment and HOA Dues during the Escrow period?
Why do I need to complete the Statement of Information?
What transpires after Buyer's loan is approved to close the Escrow?
- Lender issues loan documents to Escrow Holder.
- Escrow officer reviews loan documents and calculates funds necessary from buyer to close Escrow.
- An appointment is scheduled with the Buyer for signing loan documents. At this time, the Buyer is given the amount necessary to close Escrow. The Buyer must either obtain a cashier’s check payable to Escrow Company or initiate a wire transfer from their financial institution to the Escrow Company Trust Account. The Buyer must bring valid picture identification (driver’s license, state-issued identification cards, passports, and military identification card) to enable notarization of loan documents.
- After the loan documents are signed, the package is delivered to the funding lender for their review. The average review time is 24 to 48 hours. Upon the lender’s determination that all conditions are satisfied, the loan will fund, and the close of Escrow will occur upon the title companies receipt of the lender’s funds and recordation of the documents with the county recorder.
Can my Escrow Documents be electronically signed?
Do Seller and Buyer need to be present in the Escrow Office at the time of closing?
When and how will the Escrow holder disburse the funds?
Escrow Holder will be contacting the Seller or the Borrower on a refinance/loan escrow, to confirm all wire instructions prior to releasing the wire.
Any changes to disbursement instructions must be submitted in person at the Escrow Office with proper identification.