Tips For a Smoother Real Estate Transaction: Escrow Number and Types of Funds
Reta Chin from Fidelity National Title and Escrow shares her tips for a smoother real estate transaction.
When buyers and sellers come into an agreement on the purchase of a Maui real estate property, you are going to open escrow.
Every title and escrow company is going to give an escrow number. So be sure that every time you call or email your escrow officer, you provide that escrow number which makes it more efficient for them to get back to you.
In a typical real estate transaction, there is an initial deposit, an additional deposit and final funds. In Hawai’i, for the initial and additional deposit, title companies will accept personal checks – if there is enough time for the check to clear the bank before the date of recordation. For final funds, they will accept a cashier’s check from a local Hawai’i bank. If you do not have a local Hawai’i bank that you can draw from and you are doing it from the mainland, then they will ask you to wire funds in.
Last but not the least, do not forget title companies will never change their wire instructions – so be sure you use the same one at the beginning that you were given for your final funds to wire.
Information in this post is provided by Reta Chin from Fidelity National Title and Escrow.