The escrow closing is an important event in the lives all parties. If you are the Seller, you have your proceeds. If you are the Buyer, you have the keys to your new home. But did you know that there are several post-closing activities which may need your attention?
If you are a Seller, here are some items to consider:
- Be sure to properly store the documents from you escrow transaction, especially the final closing statement. This document contains important information which you will need for preparation of your tax return.
- Did your escrow require that funds be held after closing? These funds will be disbursed as soon as the requirements of that hold are satisfied. Contact your Escrow Officer if you do not receive a check in a timely manner.
- If you paid off existing loans or other liens, you may receive documents which confirm these payments. Keep these in a safe place in case they are needed for future reference.
If you are a Buyer, here are some items to consider:
- You will receive your Policy of Title Insurance by mail directly from the title insurance company. This important document gives you the assurance that your property is vested in your name and that it is free of any defects or liens (except those approved by you). Contact your Escrow Officer if you do not receive this document within 90 days following your closing date.
- Retain your final closing statement in a secure place. You may need it for tax preparation purposes.
- You will receive the original recorded Warranty Deed by mail directly from the County Recorder. This may not come for several months, but it will come.
- If you obtained new financing, you should receive payment information from your Lender. Contact the lender if you do not receive any communication before your first payment is due.
- If your property is affected by a Homeowners Association, you should receive payment information from the management company in the weeks following the close of escrow. Call the management company if you do not receive notification from the association.