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ESCROW AND TITLE

Escrow refers to the monies that get transferred between the Buyer and Seller and any pertinent vendors to close the sale.

Title refers to the process of changing the ownership from the Seller's name to the Buyer's name.

County Norms and Customs
(Pertaining to Escrow and Title Fees)
   
    When you are considering selling or buying a home in Santa Clara County or San Mateo County, there are several customs that are locally mandated, including necessary disclosures, the way properties are presented, taxes that are paid and more. However, most specifically, escrow and title fees are handled differently in each county.

    In general, Sellers pay for escrow fees and the cost of an ALTA or CLTA homeowners policy of title insurance in Santa Clara County.  Buyers pay for those items in San Mateo County (*with exception). (**See more info on title and escrow below.)

    To state specifically, the PRDS Contract (Ver 05/11), paragraph 16 (which pertains to Title and Escrow fees) says:

Depending on which is checked in this paragraph of the contract, either Buyer or Seller will be obligated to pay for escrow fees and the cost of an ALTA or CLTA homeowner's policy of title insurance.  The Buyer fills in the line indicating the agreed upon "Escrow Holder", which dictates who will be the escrow and title company to complete the transaction.

*If a check mark is made in the "Seller" box on a fully executed contract (signed by all parties), yet the subject property being purchased is in San Mateo County, the Sellers will be obligated to pay the fees.

 **When my clients have an opportunity to choose, I most frequently suggest they work with Dawn McCahan from Chicago Title in Los Altos.  (However, it is the client's job to choose the title/escrow company and coordinator and I do not take any liability for any vendor my clients choose, nor do I get paid anything to refer clients to my vendors.)  Dawn has years of experience.  Using her company's website, the links below will give you lots of information regarding escrow and title.

It is extremely important to work with an agent who is very familiar with the the contract to ensure that your negotiating position is strongest and liabilities are fewest.
 
Paying Property Taxes