Now The Paperwork Begins!

Now that escrow is opened, the paperwork begins in earnest!

Today, I received a fax from my agent of the earnest money deposit receipt. I also received a contract addendum that changes the name of the buyer from agent's name and nominees to the name of the agent's father, the actual buyer. This is functionally equivalent to assigning the contract but was done via a contract addendum rather than a separate assignment document. My agent also said she did not receive my signed agency disclosure and listing agreement that I faxed last week, so I had to re-fax those.

When I got home, I had a paperwork package from the escrow company waiting for me with more stuff to fill out:

  • Proceeds Authorization - how I want my money from the sale delivered to me
  • Seller's Escrow Information - data needed by the escrow company (any mortgages, any HOA, assessments, my social security number, etc.)
  • Terms of escrow - the terms and conditions of escrow. This is standard legal stuff detailing the escrow company's role and duties.
  • Notice of Title Policy Discounts - notification that I may be eligible for discounts on title insurance because I recently purchased title insurance when I bought the place.
  • Checklist of things I need to do.

If past history is any indication, in addition to the above documents, I will probably need to provide a copy of the articles of incorporation of my LLC to prove I am the manager and am authorized to act on behalf of the LLC.

The title policy discount is a nice touch. I knew that if you got title insurance recently through the same company, you could get a discount, but this says I may get a discount even if the policy was purchased through another company.

And speaking of discounts, I need to make sure they give me investor rates. My agent told them , but I like to follow up myself to make sure.


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