Escrow Process
SELLER
Request Title Order
Receive + Review Preliminary Title Report
Clarification of Liens ( if any)
Review Taxes
Request & Review Demands
Forward all recordable transfer documents to title company.
Escrow receives the executed real estate purchase agreement and joint escrow instructions
Escrow Opens
Escrow instructions prepared for Seller & Buyer to complete and sign.
Disclosure Processing. Property & termite Reports. Home Owners Association Documents are requested & submitted to buyer
Receive loan documents, Review file to verify all contingencies removed, all conditions met, all reports/documents ordered & received (termite inspection/clearance, home warranty, homeowners association, insurance etc.) Confirm all invoices & Demands are received and current. Prepare additional document and final amendments, as needed.
Prepare estimated closing statements for Seller & Buyer and request signatures on all remaining documents and instructions.
Obtain final funds from the buyer.
Escrow closes when documents record.
CONGRATULATIONS!
Issue final checks & closing statements. Forward closing package & checks to Seller, Buyer, Brokers/Agents, & Lenders.
BUYER
Escrow Officer reaches out to buyer to explain wire fraud & obtain earnest money deposit.
Coordinate with new lender to initiate loan process
Submit all necessary documents to lender. Receive loan approval & request documents. Buyer signs loan documents.
Return loan document to new lender.
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