BUYERS

At the Beginning Stages of your Escrow, you can expect to receive a package of documents and forms from your escrow officer and his or her Team. Here at Bespoke Escrow Inc, we provide a description of these documents and a simple explanation of what they mean.

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While each escrow is unique, the opening document package for a sale transaction is likely to include:

 

Statement of Information

Your title insurance company will make a thorough search of the public records along with its process of examining the title to the property. The information you provide on the Statement of Information will be used to clear judgments & liens that do not directly affect you or the property. This information is confidential and will be used only to help the title company complete its work

 

Escrow Holder Acknowledgment

On this document, Bespoke Escrow Inc acknowledges receipt of the Purchase Agreement and Joint Escrow Instructions and agrees to perform the duties as Escrow Holder.

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Fire Insurance Information Form

If you are obtaining a new loan to purchase your property, your lender will require you to purchase fire insurance before your escrow closes. Sometimes it is covered under the HOA for Condominiums but sometimes it’s not. The information you supply on this form will tell your escrow officer which insurance agent you have chosen to use.

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Preliminary Change of Ownership Report

This report is used by the county assessor to determine the tax basis for your property. California’s Revenue and Taxation Code requires that this document be filed with every transfer of title.

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Vesting Worksheet

This worksheet instructs your escrow officer as to how you want to hold title to the property you are buying. It is a good idea to discuss your vesting with your tax advisor to be sure that your selection suits your financial and estate planning goals. See PDF attached for Vesting Information.

 

The opening phase of your escrow will progress smoothly if you promptly return the documents sent to you. If you have questions about any item, call or email your escrow officer. He or she is well acquainted with the documents and will be happy to explain them to you