7 Steps To Escrow Success

Escrow is a huge part of the real estate process. In a previous blog, "What Is Escrow And How Does It Work?", we explained the basic definition of escrow and explored how it is used in the world of real estate. We mentioned that in the world of real estate, escrow deals predominantly with earnest money, closing costs, taxes, and insurance.

Today, the team at Arrowhead Title is here to help you understand the process of achieving escrow success. If you follow these seven steps, our title company at the Lake of the Ozarks will be able to help you along your path to escrow success!


- STEP ONE -
Choose which title company you want to handle your transaction. The company of your choice will be able to provide you with an escrow and/or title reference number to help you organize all future communications. Arrowhead Title, Inc. has proudly been providing closing and escrow services at the Lake of the Ozarks for over twenty years, and we would be honored to assist you with your next transaction!

- STEP TWO -
Read and understand the preliminary report. Essentially, this document will give you a broad overview of your specific situation and outlines the conditions under which your title policy will be issued. If there is any point that you do not fully understand, don't be afraid to ask your title officer!

- STEP THREE -
Work with your title officer to ensure everyone is on the same page regarding the upcoming calendar of events. Make sure your officer is aware of the dates for ordering payoffs and releases, as well as loan approvals and other related issues.

- STEP FOUR -
Notify your title officer if any changes occur throughout the process. Successful real estate transactions require careful coordination between several parties, including the real estate agent, the lender, and the title officer. If there are any changes to the process, it is important to notify your title officer in writing. Barring a few rare exceptions, escrow acts only on mutual instructions, so it's crucial that your title officer be kept in the loop.

- STEP FIVE -
Get familiar with the standard closing costs that must be covered by the buyers and the sellers. There is a lot of information that must be addressed, including the fiscal tax year, prepaid interests, debits, credits, due dates, impounds, and delinquent dates. Familiarizing yourself with this terminology ahead of time will make the closing process run much more smoothly.

- STEP SIX -
Make sure each document has the proper signature. Buying or selling real estate at the Lake of the Ozarks requires the involved parties to sign their names on what feels like hundreds of documents, and it is critical that each one be signed and notarized correctly.

- STEP SEVEN -
Triple check all the paperwork and the documents for accuracy, then return them to the escrow officer for verification. 

Buying Property At The Lake Of The Ozarks?
If you are ready to join the proud ranks of property owners at the Lake, we hope you'll keep Arrowhead Title in mind for all your closing needs! Our experienced title professionals would be honored to assist you in any way we can. We look forward to working with you!

The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!

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750 Bagnell Dam Blvd Suite B
Lake Ozark, MO 65049

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