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> For Sellers>
Title & escrow information |
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It all begins with the
offer and acceptance skillfully negotiated by the real
estate agents representing Buyer and Seller
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 The
Buyer(s) |
Submit a written offer
to purchase (or accepts the Seller's counter-offer) accompanied
by a good faith deposit amount.
Applies for a new loan, completing all required forms
and often prepaying certain fees such as credit report
and appraisal costs.
Approves the preliminary report and any property disclosure
or inspection reports called for by the purchase and sale
aggreement (Deposit Receipt).
Approves and signs the escrow instruction, new loan documents
and other related instruments, required to complete the
transaction.
Fulfills any remaining conditions specified in the contract,
lender's instrunctions and/or the escrow instructions.
Approves any final changes by signing amendments to the
escrow instructions or contract.
Deposits sufficient funds in the escrow to pay the remaining
down payment and closing costs.
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| The
Lender (When applicable) |
Accepts the new loan application
and other related documents from the Byer(s) and begins
the qualification process.
Orders and reviews the property appraisal, credit report,
verification of deposit(s), preliminary report and other
related information.
Submits the entire package to the loan committee and/or
underwriter for approval.
When approved, loan conditions and title insurance requirements
are established.
Informs Buyer(s) of loan approval terms and commitment
expiration date and provides a good faith estimate of
the closing costs.
Deposits the new loan documents and instruction with the
escrow holder for Buyer's approval and signature.
Reviews and approves the executed loan package and coordinates
the loan funding with the escrow officer.
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| The
Escrow Offier |
Receives an order for the
title and escrow servies for The Company.
Orders the title search and examination on subject property.
Acts as the impartial "stakeholder" or depository,
in a fiduciary capacity, for all documents and monies
required to complete the transaction per written instructions
of the principals.
With authorization from the real estate agent or principal,
orders demands on existing deeds of trust and liens or
judgements, if any.
For an assumption or subject to loan, orders the beneficiary's
statement or formal assumption package.
Reviews documents received in the escrow: preliminary
report, payoff or assumption statements, new loan package
and otehr related instruments. Reviews the conditions
in the lender's instructions including the hazard and
title insurance requirements.
Prepares the escrow instructions and reuired documents
together with a preliminary estimate of settlement charges,
for the Buyer and Seller, in accordance with the terms
of the sale.
Presents the instructions, documents, statements, loan
package(s) and other related documents to the principal(s),
for approval and signature.
Receives the balance of funds required from the Buyer
and/or the proceeds of the loan from the lender.
Determines when the transaction will be in the position
to close and advises the parties.
Assisted by title personnel, records the deed, deed of
trust and other documents required to complete the transaction
with the Country Recorder and orders the title insurance
policies.
closes the escrow by preparing the final settlement statements
disbursing the proceeds to the Seller, paying off the
existing encumbrances and other obiligations. Delivers
the appropriate statements, funds and remaining documents
to the principals, agents and/or the lenders.
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| The
Seller(s) |
Accepts Buyer's offer to
purchase and initial good faith deposit to open escrow.
Submits documents and information to the escrow holder,
such as : addresses of lien holders, tax receipts, equipment
warranties, home warranty contracts, any leases and/or
rental agreements, etc.
Orders inspections, receives clearances and approves final
reports and/or repairs to the property as required by
the terms of the purchase and sale agreement (Deposit
Receipt).
Approves and signs the escrow instructions, payoff demands,
grant deed and other related documents required to complete
the transactions.
approves any final changes by signing amendments to the
escrow instructions or contracts.
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| Title
Company |
| Examines the title
to the real property and issues a preliminary report.
Determines the requirements and documents needed to
complete the transaction and advises the escrow officer
and/or agents.
Reviews and approves the signed documents, releases
and the order for title insurance, prior to the closing
date.
When authorized by the escrow officer, records the signed
documents with the Country Recorder's office and prepared
to issue the title insurance policies.
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| Escrow
| Life
of an escrow | Title
Insurance | Title
insurance comparison |
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