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ON THE COVER 187 TUN PEDRO ADA, TAMUNING For Sale $2,300,000
This elegant two-level magnificent villa located in the much desired Tun Pedro Ada area of Tamuning features a gracious interior that opens onto a veranda with immaculately maintained lush tropical landscaping and refreshing pool and spa beyond. Entertain informally in the spacious family room featuring an en-suite bar; on the veranda and pool deck area or take things up a notch in the formal dining salon. Luxury statements include custom Sokee cabinetry throughout the home, Italian marble flooring, a prized Murano chandelier at the atrium, and more! This statement-making, yet private, 4 bedroom, 3.5 bath home is convenient to beaches, shopping, entertainment and all that Tamuning offers.
A real estate transaction is complex. A single transaction involves several different parties, many carefully executed documents, and a high volume of funds. The function of escrow is to manage all the intricacies of the transaction from the time an offer is accepted right through to the final closing.
EARN ABOUT ESCROW IN REAL ESTATE An escrow company acts as an independent third party to the transaction, managing the transfer of funds and documents between the buyer, seller, real estate professionals, attorneys, mortgage lenders, and government agencies.
When a buyer and seller agree on the terms of a sale and sign a purchase agreement, they “open escrow”, which means they assign the escrow company with the task of ensuring that title to the property is passed from the seller to the buyer free from encumbrances. Sometimes this is called transferring “marketable title”.
The first step the escrow officer will take is to order a Preliminary Title Report (PTR). The PTR discloses the legal and financial status of the property along with any discoverable defects, such as unpaid property taxes, outstanding mortgages, leases, easements or overlaps that are disclosed by a current map of the property.
With the overview provided by the PTR, the escrow officer collects payoff information for any items appearing on the PTR. Common payoffs are real property taxes, mortgage payoffs and homeowners association dues. The Escrow Officer also works with the mortgage lender, to fulfill requirements needed to process the mortgage. Then they create a settlement statement for the approval of the buyer, seller and lender. The settlement statement shows a complete overview of costs paid in connection with the sale.
When the bank is ready to close the loan, the buyer signs the mortgage loan documents as well as the deed and required affidavits in front of a notary public. The seller usually signs the deed and required affidavits before or after the buyer and it is not uncommon for an off island seller to sign documents weeks before the closing, submitting them to escrow for use when the transaction is ready to close.
Once all the instructions have been complied with, the Escrow Officer closes the transaction, which involves recording the deed and mortgage, paying off all items in connection with the sale and delivering the title insurance policies to the buyer and lender.
The professionals at Security Title have the management of intricate real estate closings down to a science! Experience the difference! We look forward to working with you on your next deal.
BY KIM ANDERSON YOUNG PRESIDENT, SECURIT Y TITLE, INC.
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