FAQ - Escrow Services for Homeowner Associations

 


How much experience do you have in providing escrow services to management companies and homeowner associations in California?

We have more than 30 years of experience and have completed thousands of successful transactions involving the sale of units/lots and loan refinance.

 

What areas do you service?

California HOA Escrow Services provides services to HOA management companies and community associations located anywhere in California.

 

If there is a lien recorded against a property, can your company prepare a lien release?

Absolutely. We will prepare the lien release and provide the sales escrow holder or real estate loan escrow holder with appropriate instructions in order to protect the interests of the homeowner association.

 

If we hire your firm, will you handle all of the communications with the real estate agents, escrow holder, and the real estate lender?

Yes. As part of our service, we handle all of the communications saving you time and money.

 

Who pays for your services?

If the escrow is a refinance escrow, the owner who is refinancing pays our fee. If the escrow is a sale escrow, the fee is payable by either the buyer or seller depending on the terms of the purchase agreement. In the majority of situations, the buyer pays our fee.

 

Do you provide escrow services for commercial condominiums?

Absolutely. We provide escrow services for office condominiums, medical office condominiums, industrial condominiums, and management companies.

 

What is an escrow demand letter?

An escrow demand letter is a formal letter provided to an escrow holder from a lender or homeowner association that makes a formal demand for payment as a condition of closing a specific escrow.

In the case of a demand sent by an HOA to an escrow holder, the demand will set forth all amounts due the association including, but not limited to: (1) Regular Assessments, (2) Special Assessments, (3) Late Fees, (4) Collection Charges, (5) Interest, and (6) Fines. The demand will also provide the escrow holder all relevant dates with appropriate instructions so the escrow holder can make adjustments, accruals, and prorations.

Demand letters are generally written with an expiration date and must sometimes be updated.

 

Do all mortgage lenders require an escrow and demand letter?

Yes. Mortgage lenders require an escrow to protect their interests. They know that title insurance companies that issue title policies to lenders and owners require an escrow. Obtaining an escrow demand from the homeowner association is an important part of that process.

 

What hours is California Escrow Services open?

The office is open between 9:00 am and noon and 1:00 pm and 5:30 pm. We monitor our voice mail and emails constantly and will get back to you promptly. We have no problem working late or on weekends to get the job done in order to meet any deadlines.

 

Do you have any recommendations for a company that collects delinquent homeowner association assessments?

Yes. Pacific-AssociationCollections.com, which is affiliated with our firm, collects delinquent HOA assessments and court judgments anywhere in California.

California HOA Escrow Services
818-991-9019