Course ID: RE104
This course covers the basic methods and techniques of escrow procedures and the legal, fiduciary and ethical responsibilities of escrow holders and the individuals engaged in managing an escrow from its opening through post-closing activities. Topics include an introduction to the types of instruments used in processing an escrow and their preparation, including escrow instructions, loan demands, deeds, tax forms and settlement forms. Working effectively with clients, real estate brokers, lenders, title insurance companies, the recorders office and other service providers will also be examined. Tax issues, prorations, vesting, recording of documents and the grantor-grantee index system, title policy coverage and exclusions, FIRPTA issues and post-closing procedures will be analyzed.
Prerequisite: Real Estate Principles, previous escrow experience, or consent of the of the instructor.
Applies toward the elective educational requirements for obtaining the California Real Estate Sales/Broker License. Applies towards the Educational Achievement Award of the California Escrow Association and towards fulfilling the mandatory education requirements for professional designations (certifications) of the California Escrow Association.