Part II of a series on the escrow process. Thank you to Kartikay Escrow for contributing portions of this blog.
A “red flag” is, of course, a signal to pay attention. In the escrow world, a red flag is a situation that may cause delays or other problems within an escrow and must be addressed well before the escrow is expected to close. The Preliminary Report or “Commitment of Title Insurance” will reveal many red flags, so the escrow officer will review it carefully. Agents and parties to the transaction should also review the preliminary report for situations which could cause delays.
Many life changes cause a “red flag” situation, as can other outside influences. Your escrow officer will help locate the red flags to keep the process moving forward. But here are a few things to watch for:
- Business trusts
- Clearing liens and judgments, including child…
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