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Real Estate Tips
Disclosure Laws >Avoiding Delays During Escrow

Unforeseen problems can arise during escrow, and closing dates are never set in stone! Lenders, appraisers, title attorneys, credit check services, or anyone who is involved in the transaction could potentially delay a closing. Stay in close touch with your real estate agent, who will notify you of deadlines and help you deal with delays.

Well-written sales contracts are the key to avoiding problems during escrow. For example, provisions can be included in the agreement that require the buyer to provide evidence of sufficient funds for down payment and closing costs, or to present proof of the ability to obtain homeowner's insurance. Because of new restrictions on insurance policies, the mortgage lender may require insurance before funding the loan.

There is also a section in the sales contract wherein the seller makes a warranty to the buyer of the condition of the property. It is important to make sure that this clause is modified to reflect the seller's transfer disclosure statement. If this is not done, the seller could be required to repair items that are found to be dysfunctional or faulty, and this could add time to the escrow period.

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Real Estate Trivia
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Where is the world's oldest pyramid?

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The oldest pyramid is the Third Pyramid of Mycerinus is at El Gizeh, Egypt; it has the largest single block weighing 320 tons.
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Chuck Allen Real Estate Team, REALTOR®, real estate agents and broker for Corona, Fullerton and La Mirada, California home listings, property and land for sale - NUMBER1EXPERT(tm)

Charles Allen
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15201 Leffingwell Ave.
Whittier, CA 90604
Cell Phone: 714-267-4438
Fax: 714-279-0019
CA DRE License: 01315356
info@ChuckAllenRE.com

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Chuck Allen Real Estate Team serves all of Southern California for your residential and investment needs.

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