Buying or selling a property is an exciting time. When an offer is accepted, a third-party title company safeguards the buyer’s assets or the seller’s deed in escrow until all conditions of the agreement have been met. Escrow can be a challenging time, but you can reduce your stress by staying organized by preparing ahead of time and remaining available if contacted.

How Can You Simplify Escrow?

1. Exchange Contact Information

Your title company will need to reach out to all the individuals involved in the transaction. Make a list of the buyers, sellers, lenders, and homeowner associations (if applicable) along with their contact information and give it to your escrow agent as soon as the process begins.  

The escrow process is fast but requires communication between all parties. Keep your cellphone nearby and be watchful for calls and emails. If you’re planning on going away, schedule it for after the process is over.

2. Finish the Paperwork

Buying a home involves time, money, and paperwork. Prioritize the paperwork as it comes in to keep the escrow from being delayed. Finish and submit the purchasing agreement. You should also prepare your bank statements and tax information ahead of time, so your lender and title company can keep the process moving forward.

3. Introduce the Lender and Title Company

The lender and title company work together to produce financial documents and disclose fees accurately and on a timely schedule in accordance with TRID disclosure laws. The sooner they’re introduced, the faster they can get started.

4. Be Prepared for Inspections

If you’re selling your home, you can streamline the inspection process by scheduling them in one day. Most likely, some changes and repairs will need to be made. By being there in person, you can ask questions about the repairs, and the inspectors can provide solutions.

5. Don’t Make Major Financial Changes

Your lender will watch your financial status closely. Don’t spend more money than you should. Large purchases will change your loan financing, so you should avoid buying or leasing a car, quitting your job, or buying major appliances for your new home.

Escrow is usually a month-long procedure that is made easier with the right title company at your side. For over 40 years, buyers and sellers, along with realtors and banks, have all trusted Chattanooga Title. They’re a full-service title company that will expedite the closing process and let you enjoy this new chapter in your life. If you’re in the Chattanooga, TN, and need more information on their title services, visit their website. To make an appointment, reach out to them at (423) 756-3057.