Sales & Re-Finance Transactions
When you are selling or refinancing your home, the escrow process requires BAPS to provide certain information and documents. As with any business, there are fees associated with these services. We have listed some of these services for your information.
- Disclosing the current assessment rate, reserve funding and other budgeting information.
- Providing the escrow company with association insurance information.
- Reviewing the seller's assessment account and preparing a demand statement for escrow.
- Purging the Seller's account records and setting up the Buyer's assessment records in our client association's homeowner files once the escrow has closed.
- Scanning the Grant Deed.
- Receiving, reviewing, depositing and posting any association funds that have been collected through the escrow process.
- Throughout the course of an escrow, there is typically a high level of contact between our Escrow Department and the various agents involved in the transaction (listing agent, selling agent, escrow or title agent, appraiser and lenders). Therefore, staff is needed to field such inquiries as well as perform the various clerical tasks within both departments. We have trained staffing to handle.
- Additionally, sellers are required to make many disclosures to buyers. We maintain current association documents in order to assist sellers in these duties. Further, when special-case seller disclosures are required, such as those regarding litigation, our efforts ensure that appropriate and current litigation letters are included in the disclosures.
The association has no control over which party in the escrow process will be responsible for paying the fees. Responsibility for the transfer fee, along with other transaction fees associated with resales, are determined through negotiation between buyer and seller.