Escrow is the part of a sales transaction where the Buyer and Seller elect a third party to temporarily hold funds and paperwork needed before a sale is finalized. When you’re ready to buy or sell a home, we will open an escrow account where the following steps take place:
- Buyer and Seller agree to terms of the sale and the offer is accepted. Buyer will submit their deposit to the escrow account holder/title company.
- If Buyer is purchasing with a loan, an appraisal will be ordered by the lender.
- Inspections may be completed to determine the current condition. If repairs are needed, they are negotiated at this time.
- Upon close of escrow, the escrow account holder/title company will collect the remaining balance of the down payment from Buyer. They will then disperse funds according to the escrow instructions put forth by Buyer and Seller, and pay out funds to Seller.
Below are a few resources for title companies we’ve worked with in the past for Buyers and Sellers in their transactions:
- Cal-Sierra Title Company is locally owned, having been in business since 1962.
7597 Highway 89, Suite 5 (Courier)
P.O. Box 424 (US Mail)
Graeagle, CA 96103
Ph: (530) 836-0700
Fax: (530) 836-1415 - Fidelity National Title Company is located in Truckee, CA and has been in business for 150 years.
12010 Donner Pass Road, Suite 102
Truckee, CA 96161
Ph: (530) 587-3845 main office line
eFax: (530) 579-1890
FEES: WHO PAYS WHAT?
The standard custom in Plumas County is that the Buyer and Seller share equally (50/50) in the cost of escrow and title fees.
-Recording Fees for Deed Paid By: Buyer
-Recording Fees for Deeds of Trust Paid By: Buyer
-Title Insurance Policy for Buyer Shared: 50%/50%
-Escrow Fees Shared: 50%/50%
-Plumas County Transfer Tax Paid By Seller: $1.10 per $1,000
-City Transfer Tax: Not applicable in all areas
-Private Transfer Fees (if applicable) Paid By: Buyer in most cases
In addition, there may be other costs related to a purchase to consider:
-Property Inspections Paid By: Buyer
-Property Re-inspections Paid By: Buyer
-Natural Hazard Disclosures Paid By: Seller
-Contractually Negotiated Repairs Paid By: Seller (or both)
-Purchase “Credits” Paid By: Seller
-Pro-rations (Taxes, HOA Dues) Paid By: Seller
-Property Liens Paid By: Seller
If the property you are buying or selling is a bank-owned foreclosure or a short sale, some of the above noted expenses may vary and are subject to negotiations by all parties.
