Escrow & Contingencies

17 Jun Escrow & Contingencies

MW Team Brokerage in conjunction with its highly professional transaction coordination team oversees the escrow process, where a neutral third party escrow company will hold the buyer’s earnest money deposit in an account until all of the requirements of the purchase agreement have been met. Contingencies agreed upon in negotiations set the stage for possible further negotiations during escrow as the buyer undertakes due diligence, highlighting the importance of handling as many contingencies as possible during the Negotiations Stage. Transaction risk is diminished with each remaining contingency removal over the course of Escrow. Nobody gets paid or receives title to the property until both parties have had their agreed upon conditions met.

Throughout the process, the MW Team Brokerage transaction coordination team methodically crosses “T’s” and dots “I’s” on all matters of disclosure and legal requirements, while our long-standing relationships with title officers and title companies deal with all matters relating to conveying clean property title and providing title insurance. Specifically, our transaction coordination ensures the following:

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• Audit the Offer, Counter Offers and Addenda to establish terms and deadlines
• Send all Parties a custom Escrow Calendar & Contact Sheet for easy reference
• Ensure Seller Disclosures are provided on time and compliant, per transaction specific needs​
• Draft of Disclosures as needed
• Retain of data and documents, including any emails or text communications for client escrow file
• Set reminders and follow up all documentation, to help ensure delivery by contractual deadlines
• Organize all Inspection reports upon completion, provide to Parties as needed
• Audit file consistently for outstanding documents, to ensure a complete file before closing
• Ensure Escrow receives or provides all Amendments, Reports and Invoices as needed, including the Closing Package​
• Audit file prior to closing to ensure no documents remain incomplete or outstanding​
• Upon successful closing, provide a fully vetted Closing File via email or upload as preferred​

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