SELLERS

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.

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

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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

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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.

Property Information Statement

Use this form to provide information about any existing loans you may have on your property and to identify your homeowner’s association for your escrow officer. Fully completing this statement will assist in the processing of your escrow.

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Affidavit of Non-Foreign Status

Your signature on this affidavit certifies that you are a U. S. resident. Foreign persons, as defined by the Internal Revenue Service, are subject to federal tax withholding when they sell property. To learn more about how tax withholding may affect you, consult with your accountant, attorney, or the Internal Revenue Service. The website for the IRS is www.irs.gov.

 

1099-S Input Form

The information you supply on this form will be used by your escrow officer to produce IRS form 1099-S.

California Real Estate Withholding Forms 593, Forms 593-C and 593-E

The State of California requires tax withholding for Sellers who do not meet residency requirements. Your answers to the questions on these forms will determine whether you are subject to withholding of the 3.33% withholding requirement.

 

Grant Deed

This important document will transfer the title to your property to the Buyer on the day of closing. Be sure to sign it before one of our Approved Notary Publics and bring a current photo I.D. or your passport when you do.

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Special Documents

If the title to your property is not held in your name as an individual (such as in a trust or corporation) or there are unique conditions affecting your interest in the property, you may have some additional document requirements during the escrow process. Your escrow officer will advise you about these items.

Usually for LLC requirements are Certificate of Good Standing, Operating Agreement and Articles of Organization. For Corporation your Escrow Officer will need to see the Bylaws Instead of the Operating agreement.

If you ever have any questions we are here to Assist. We want to help make your sale go as smooth as possible. Call or Email your Escrow Officer for any questions or concerns.

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