Welcome to Pacific Marine Escrow, Inc. We look forward to assisting you in your real estate transaction 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
Seller Opening Package:
Soon after opening escrow you will receive a Seller’s Escrow Package from our office which typically includes the items listed below. This is usually sent via email or DocuSign. The Grant Deed and Instructions for Net Proceeds must be notarized and originals returned to escrow.
- Escrow Instructions – This document contains supplemental instructions and general provisions of your escrow transaction. Read, sign and return.
- Instructions to Pay Commission. Read, sign and return.
- 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.
- Information Request – This information is needed as soon as possible in order to obtain payoff figures and request HOA documents and demand (if property involves an HOA). Complete, sign and return.
- IRS Certification and Forwarding Address. Complete, sign and return.
- 593 Real Estate Withholding Statement. Complete, sign and return. You will also receive an attachment with detailed instruction on completing the 593. We are not able to give advise or instruct you on how to complete this form.
- Seller’s Affidavit of Nonforeign Status. Complete, sign and return.
- Confidential Information Statement. Complete, sign and return.
Documents to be notarized. The following documents must be signed with notary and originals returned to us via overnight mail with the label provided.
- Grant Deed.
- Instructions For Net Proceeds
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 your Seller Escrow Package.