Title & Escrow Services
Beginning her career in the 1990's as a Settlement Agent on the mainland, Haley McCraney moved to Maui in 2004 where she became a licensed real estate agent in Wailea for Century 21 All Islands.
In 2006 she returned to her career in the title/escrow segment of the real estate business and joined Fidelity National Title in Wailea. She then served as Branch Manager and Escrow Officer at First American Title in Kihei prior to joining Old Republic Title & Escrow.
Haley is known amongst the realtors and lenders in the industry for her strength in providing excellence in customer service, meeting time-sensitive deadlines and giving the utmost care to the principals of transactions.
In the state of Hawaii, escrow is a confidential and impartial third party who holds money and/or documents in safekeeping until such time that all conditions and terms have been satisfied. In regards to a real estate transaction in Hawaii, escrow will follow the original purchase contract.
As the escrow officer for the real estate transaction, Haley McCraney is the person responsible for tending to every detail necessary for the transaction to close correctly. Acting as an unbiased third party, she represents neither the buyer nor seller.
Haley's duties during escrow include: receiving and holding deposits, ordering title searches/conveyance documents, clearing title, making pay-offs to existing lenders, providing a settlement statement, handling closings with buyers and sellers, recording documents and disbursing all funds at close of escrow.
Guideline through an escrow transaction:
- Your real estate agent will deliver an original purchase contract to the escrow officer to open escrow. Upon receipt, the escrow officer will review the purchase contract and address any questions, or errors. An escrow file will be opened and assigned an escrow number.
- Escrow will request a title search from the title department.
- Escrow instructions (instructions to the escrow agent to act as a depository for monies and instructions) are prepared and sent to the seller and buyer for their signatures. Copies of the escrow instructions are also sent to their Realtors.
- Escrow will submit requests to lenders for current mortgages on the subject property. It is necessary to obtain accurate pay-off figures as escrow is instructed to pay off all mortgages.
- Upon receipt of the title search, escrow will review the report to address defects in the title, additional liens, and/or mortgages that were not previously disclosed in the purchase contract. If necessary, additional demands will be requested from creditors. Contingencies specified in the purchase contract and financing requirements are also reviewed.
- The conveyance documents will be ordered from a local attorney.
- Demands, documents, the purchase contract, and any special conditions will be reviewed and updated where necessary.
- Closing statements will be prepared and closing (signing) appointments will be arranged. The buyer and agent will be advised of the closing figures due at the time of the closing.
- All necessary documents will be forwarded to the Recording Department for the actual recordation of the documents at the Bureau of Conveyances of the State of Hawaii.
- The Recording Department will notify escrow when the documents have been recorded. Escrow can then disburse all funds, such as the seller's proceeds, mortgage pay-offs, etc.
- Escrow then forwards all final documents to the interested parties: buyers, sellers, lenders, etc.