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Buying or Selling Property in the United States of America You have an accepted offer and now you are "in Escrow" The life of an escrow - Buyer and Seller sign purchase and sale agreement
- Buyer places deposit
- 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.
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