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All property purchases will go through the " escrow"
process and be governed by California Escrow Law. California Escrow Law
Protects both buyer and seller. Escrow Companies act as a " neutral 3rd
party" that ensures that the seller gets "good funds", the buyer gets
"good title", and that documents are properly recorded for public
notice. Wilshire Escrow Co.,which has been in business for over 50 years, will provide escrow service in the
following stated process.
1. The signed DEPOSIT AGREEMENT between the Buyer and Seller and the Buyers deposit with escrow fees (basic escrow fees are USD$350 plus USD$3 per USD$1000 sales price) will be given to the Escrow Company,to write the final sales contract between both parties.
2. Wilshire Escrow Co. will send the following documents to buyer
within 5 banking days upon receiving the Deposit Receipt.
a. RECEIPT OF DEPOSIT AND ESCROW FEES.
b. STATEMENT INFORMATION.
c. PRELIMINARY CHANGE OF OWNERSHIP REPORT.
d. INTENDED VESTING.
e. ESCROW INSTRUCTIONS.
f. WIRE TRANSFER INFORMATION
3. Buyer should sign the required document(s) and send back to Wilshire
Escrow Co. along with proof of the wire transfer for the balance of sale amount.
4.Wilshire Escrow Co. will send buyer the following documents within
15 banking days upon receiving the signed documents:
a. COPY OF THE SIGNED GRANT DEED sealed by government of County of Los Angeles
b. SELLER'S CLOSING STATEMENT.
5. County of Los Angeles will issue the original copy of GRANT DEED
within 10 weeks after Close of Escrow and Recording of Grant Deed.
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