Life of an Escrow
Beginning
- Receive Purchase & Sale Agreement and/or Loan Setup
- Assign Closer And Escrow Number
- Order Title Report
Reviewing
- Review Purchase & Sale Agreement
- Review Preliminary Title Report
- Contact Parties For Needed Information
Researching
- Obtain Payoffs on Liens/Bills To Be Paid Through Escrow
- Obtain Title Clearing Documents
- Obtain Commission Disbursements
- Receive Loan Documents From Lender
- Prepare Settlement Statement & Documents
Signing
- Set Signing Appointments With Parties
- Parties Deposit Documents and/or Funds Into Escrow
Coordinating
- Return Loan Documents to Lender
- Send Documents To Be Recorded To The Title Company
- Lender Authorizes Funding
- Title Delivers Documents To County Recorder
- Lender Wires Loan Proceeds To Escrow
Disbursing
- All Encumbrances And Bills Paid
- Proceeds Available To Seller
- Checks Available To Agents
- Mortgage Broker Check Available
Closing
- Final Copies To All Parties
- Record Reconveyances And Releases
- Final Title Policies To The Parties