The Buyer’s Opening Document Package

Escrow Documents Made Simple

In the early days following the opening of your escrow, you can expect to receive a package of documents and forms from your escrow officer. Here we provide a description of these documents and a simple explanation of what they mean.

While each escrow is unique, the opening document package for a typical sale escrow is likely to include:

Escrow Holder Acknowledgment

On this document, Colonial Escrow acknowledges receipt of the Purchase Agreement and Joint Escrow Instructions and agrees to perform the duties of Escrow Holder.

Statement of Information

Your title insurance company will make a thorough search of the public records along with its process of examining the title to the property. The information you provide on the Statement of Information will be used to clear judgments and liens that do not directly affect you or the property. This information is confidential and will be used only to help the title company complete its work.

Preliminary Change of Ownership Report

This report is used by the county assessor to determine the tax basis for your property. Georgia’s Revenue and Taxation Code requires that this document be filed with every transfer of title, but the information on the form is not recorded or made a part of any public record.

Vesting Worksheet

This worksheet instructs your escrow officer as to how you want to hold title to the property you are buying. It is a good idea to discuss your vesting with your tax advisor to be sure that your selection suits your financial and estate planning goals.

The opening phase of your escrow will progress smoothly if you promptly return the documents sent to you. If you have questions about any item, call or email your escrow officer. He or she is well acquainted with the documents and will be happy to explain them to you.