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The Life of an Escrow

  • Buyer and Seller sign purchase and sale agreement.
  • Buyer submits earnest money deposit check with offer.
  • Buyer or Seller’s agent /broker opens escrow.
  • Escrow holder orders Preliminary Title Report from Title Company.
  • Escrow prepares instructions and documents.
  • Escrow holder and agent/broker review preliminary report.
  • Buyer and Seller sign and return escrow supplemental documents.
  • Escrow holder forward the “Statement of Identity” to title officer to clear title under General Index
  • Escrow holder calls lender for Status and Conditions
  • Escrow holder obtain loan approval, check terms, order loan documents
  • Escrow holder reviews file and verifies all conditions have been met including: completion of termite reports, new insurance, homeowner’s association information, data on liens, prepare additional documents if needed.
  • Escrow holder receives loan documents.
  • Buyer’s loan documents are signed and returned to escrow holder with remainder of funds.
  • Escrow holder reviews buyer and seller file, verifying that documents are properly executed, notarized, and funds are good and all conditions have been met.
  • Escrow holder requests funds from lender.
  • Escrow holder and Title Company review the title insurance requirements.
  • Escrow holder receives funds from lender.
  • Record Deed, close file, prepare statements, disburse funds and prepare 1099 report.