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Four Ways to Educate Consumers About Escrow

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RISMEDIA, Oct. 15, 2007-In response to ongoing efforts by local escrow professionals and the California Escrow Association (CEA) to proffer consumer education, California Governor Arnold Schwarzenegger has recognized October as “Escrow Month.”

“Your commitment and professionalism are helping to ensure trust in commerce, while playing a crucial role in our economic prosperity. I commend you for helping maintain quality standards and providing your members with opportunities to keep their skills up-to-date. It is a pleasure to offer you my thanks and join you in celebrating this month,” explained Governor Schwarzenegger in a letter to the CEA.

In California, one of the hottest and fast-paced real estate markets in the world, the escrow process has become an integral part of the real estate transaction equation for California consumers and real estate professionals. Home purchases represent some of the largest financial transactions that most people will make in their lives, which can make the escrow process seem intimidating to consumers; however, being prepared and informed goes a long way toward making homeownership dreams come true.

To this end, CEA offers four helpful tips to educate consumers about escrow:

1. Work only with a professionally-designated escrow professional. CEA professional designations ensure that practitioners have earned a specified amount of continuing education credits and maintain membership status in CEA.
2. Read and understand before signing anything. Take the steps necessary to understand all the documents involved to ensure a fast and accurate escrow transaction.
3. Don’t be the unwitting cause of delays. To ensure a smooth escrow close, cooperation and communication is necessary. Always be responsive and timely to the requests of the assisting professionals.
4. Be prepared. Provide all the necessary documents required by the escrow practitioner. This can include information on personal statistics, lenders, homeowners’ associations and more.

For more information, visit www.ceaescrow.org or call 916-239-4075.

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