Welcome to Pacific Marine Escrow, Inc. We look forward to assisting you in your real estate purchase. Please review the following information to help your transaction move as quickly and smoothly as possible.
What is the role of Escrow?
Escrow is an independent, neutral third party that manages the money and assures that the purchase agreement is followed throughout a real estate transaction. California escrow companies are licensed and regulated by the Department of Financial Protection and Innovation. The escrow company/holder is tasked with maintaining the privacy of consumers, safeguarding and disbursing funds, gathering all necessary documents and making sure that all conditions of the escrow transaction are met. The duties of escrow may include, but are not limited to the following:
- Processing and coordinating the flow of documents and funds
- Ordering the title report
- Responding to lender requests and requirements
- Obtaining payoffs
- Facilitating solar transfer, HOA documents and payments
- Preparing final/settlement statements for each party
- Coordinating the preparation of Closing Disclosure with the lender
- Facilitating loan document signings
- Balancing, disbursing and closing the escrow
- Earnest Money: Once the parties to the transaction have reached an agreement, a signed contract or purchase agreement is sent with a request to open escrow. The buyer will send earnest money funds to the escrow holder. These funds will be placed in “escrow” and applied to the buyer’s purchase at closing.
- Buyer Opening Package: Soon after opening escrow you will receive a Buyers Escrow Package from our office. This is usually sent via email or DocuSign and typically includes the following items:
- Escrow Instructions – This document contains supplemental instructions and general provisions of your escrow transaction. Read, sign and return.
- Vesting Worksheet – This document tells us how you want to hold title in the property.
- Foreign Investment in Real Property Tax Act (FIRPTA Notice) – This affidavit of non-foreign status exempts transaction from FIRPTA tax withholding. Read, sign and return.
- Insurance Information – Use this form to provide us with your agent name. We’ll contact the agent to issue an Evidence of Insurance for your lender.
- Confidential Information Statement – Complete, sign and return.
A copy of the Preliminary Title Report is included with the opening documents for your review and approval.
It is important that all documents are signed and returned to us as soon as possible. Please call us immediately if you have any questions about the Buyer Escrow Package.