Traveling During Escrow?

You find the perfect home of your dreams and your offer is accepted.  Yippee!  Now starts the ominous process of closing your home, otherwise known as escrow.  It may feel like you need a vacation halfway through, but DON’T DO IT!  If you can avoid traveling during the escrow process, it is highly advised that you do avoid it.  But, if you already have a trip planned that you absolutely cannot cancel, here are some to-do’s so you can actually relax on your vacation.

First, and most importantly: Let your agent know well in advance!

Whether you are selling or buying, let your agent know immediately if you have any upcoming travel plans.  Communication is key.

If you are the seller traveling during escrow…

1. SIGN IN ADVANCE!
2. Have your attorney or escrow officer prepare a Power of Attorney particularly for your transaction. Be sure to submit it to the title company for review and approval.  If you choose not to sign a Power of Attorney, you MUST provide the escrow officer with your phone number, email address, and the address of where you will be staying during your travels.  If traveling internationally, know where the nearest American Embassy is, and what days/times they can provide notary services. This must also be communicated to the escrow officer.
3. Coordinate with your agent if you will be gone during the closing date.  Are your belongings moved out of the home?  Did you leave the keys for the buyer?

If you are the buyer traveling during escrow…

1. Have your attorney or escrow officer prepare a Power of Attorney particularly for your transaction. Be sure to submit it to the title company AND your lender for review and approval.If you choose not to sign a Power of Attorney, you MUST provide the escrow officer with your phone number, email address, and the address of where you will be staying during your travels.  If traveling internationally, know where the nearest American Embassy is, and what days/times they can provide notary services. This must also be communicated to the escrow officer.
2. Make sure your due diligence is done before you leave (review all disclosures, complete inspections, etc.).
3. Not all lenders are able to accept electronic signatures! Any notarized documents require a wet (in-person) signature.
4. You are required to secure a hazard/fire insurance company and provide the info to your escrow officer.
5. Have the closing funds available for wire transfer. The lender must confirm that the funds originated from the verified accounts. Keep in mind, funds are due 48 hours prior to recording!