College Escrow, Inc.
Established June 12, 1992
As the ever changing times in real estate, the market, economy and business alike, our goal is to provide relevant news and information that may assist in your real estate endeavors. Our team invites you to experience the difference of escrow service and we are available for your phone calls and emails in order to assist.
Many customers ask "What is Escrow?" Simply defined, "escrow" is a third neutral party that acts as the depository for documents and money in a real estate transaction.
And inevitably that answer leads to yet another question of "What does Escrow Do?" As summarized as psosible what we do in escrow is a variety of processes. Upon request, escrow provides copies of the real estate purchase contract, earnest money deposit and escrow instructions to the lender at the beginning of the transaction. Additional items may be estimated closing statements, copies of trusts, homeowners’ association information and evidence of insurance. Escrow provides the title company with the buyers and sellers completed statements of information and items specified in the preliminary title report as needed to clear title. The title officer reviews them and may request additional items. Escrow creates the estimated and final closing statements, which are an accounting of the real estate transaction. Escrow receives prints and reviews the loan documents, specifically the lenders instructions. A member of our staff will prepare the estimated HUD statements and arrange the signing of these and other documents with a notary public. Once signed and returned to our office, we then assist the lender in compiling funding conditions. Escrow is then notified by the buyer’s lender when they are ready to release loan funds. When all conditions of the escrow have been met, including receipt of all necessary and cleared funds, we then notify the title company to release the documents for recording - which is the act of transferring legal ownership from the Seller to the Buyer. Upon confirmation of that recording, escrow completes the prorations and settlement of costs in order to reconcile and balance all funds to be disbursed. All funds are then disbursed and the final HUD statement is prepared by escrow.
When it comes to Escrow ...
We Know what we do - And we do it the Best!
You Have a CHOICE - Choose WISELY
College Escrow IS The Wise Choice
EIC (Escrow Institute of California) Consumer Tips
Independent, licensed escrow companies are the first line of defense for homebuyers and property owners. Savvy real estate consumers know that buying or selling property doesn’t stop with finding the right buyer or the right investment. And yet, escrow remains one of the least understood elements of the real estate process.
Licensed escrow companies are consumers’ best bet for safeguarding their funds. That’s why it’s so important to work with an escrow officer who has met strict licensing requirements of the California Department of Corporations and has undergone a background check and fingerprinting by the Department of Justice.
Licensed escrow companies are required to complete a financial audit every year to ensure compliance with California regulations, and all licensees are subject to random, surprise examinations by the Dept. of Corporations.
the Dept of Corporations scrupulously regulates licensed escrow companies. Each licensee is required by law to be a member of the Escrow Agents’ Fidelity Corporation, which provides fidelity coverage for member trust accounts in the amount of $5 million. This fidelity bond guarantees that, in the event of theft of trust accounts, consumer funds are protected.
All employees must submit to California Department of Justice fingerprinting and criminal background checks.
You have the right to select your own escrow officer.
That's right, smart consumers can help in the selection of their escrow officer by investigating those companies themselves rather than leaving this important decision to their realty agent or lending institution.
Here’s a checklist to help you choose the right escrow officer for your real estate purchase:
Obtain recommendations and confirm whether the escrow company is truly acting as a neutral party, or is under the control of a realty agent or mortgage broker.
Remember that price is not the only consideration, attention to your specific needs and good service can and in most cases should be more important.Contact the state agency that regulates a company to determine if there are any pending complaints or disciplinary actions. College Escrow is licensed by the State of California Department of Business Oversight under license #963-1676.
Our team offers an extensive list of services and resources proven vital to those we serve - important customers like you. We encourage any inquiries to discuss your personalized escrow needs – our team will have solutions.
REO – Bank owned property
Short Sale transactions
IRS 1031 Tax Deferred Exchanges