Keeping Communication, Accuracy & Efficiency at the Forefront
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.
For additional inquiries or questions, we encourage you to reach out to us today at 951-734-8252.
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EFFECTIVE AS OF JANUARY 2015
Wiring the Earnest Money Deposit:
Wire Instructions will be sent by Secure Email Only, contact your Escrow Officer Direct to make the necessary arrangements
When does the Buyer need to provide Homeowners Insurance Information?
Upon opening escrow, the Buyer should contact their insurance agent to obtain a quote and provide the agent with the necessary property information. Some insurance companies require the property inspection to occur before issuance. Early contact will prevent delays in closing Escrow.
Do I need to pay my Mortgage Payment and HOA Dues during the Escrow period?
It is important to pay all mortgage payments and HOA Dues that fall due during the Escrow period, so that you do not incur late charges or create any delinquencies.
Why do I need to complete the Statement of Information?
At the close of Escrow the Title Company will be issuing a Policy of Title Insurance, insuring clear title to the subject property. To enable the Title Company to determine there is clear title to the property they must not only determine if there are any liens against the subject property, they must also determine there are no liens, judgments or tax liens against the Seller and Buyer, the information on the Statement of Information allows the title company to make this determination.
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?
Yes, we can transmit our entire Escrow Document Package through Docusign to be completed and signed electronically, with the exception of any documents that must be notarized.
Do Seller and Buyer need to be present in the Escrow Office at the time of closing?
No, as all documents have been previously signed and the Buyer’s funds are on deposit. Your escrow officer will need instructions regarding the disbursement of the Seller’s proceeds and the correct addresses (and preferred delivery method for closing papers for both the Seller and Buyer.)
When and how will the Escrow holder disburse the funds?
Upon the Escrow holder’s notification of recording confirmation from the Title Company and receipt of wired funds from the title company, the Escrow officer will settle out the file, issue the checks and complete the closing.
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.
When and how will the Buyer receive possession of the property and the keys?
The escrow holder is not involved in the delivery of the keys or possession of the property. The possession date is agreed upon in the purchase agreement. The keys will be provided to the Buyer through their real estate agent.
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New Dimensions Escrow, Inc.
2275 Sampson Ave # 104
Corona, CA 92879
Hours
Monday Thru Friday
8:30am - 5:00pm
Serving the Entire State of California
