buying and/or selling real property typically involves
the transfer of certain documents and large sums of money,
it is therefore imperative that the transfer of these
documents and funds from one party to another be handled
in a neutral, secure and knowledgeable manner.
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escrow process was developed for the protection of the
buyer, the seller, the lender, and other parties to the
transaction. Thus, the Escrow Holder may be seen as a
"Stake Holder" who holds all the documents and
funds, and carries out the intentions of the parties pursuant
to written instructions given to the Escrow Holder by
escrow process begins after the offer and acceptance has
been skillfully negotiated by the real estate agents representing
Buyer and Seller.
a written offer to purchase (or accepts the Seller's
counter-offer) accompanied by a good faith deposit amount.
and signs the escrow instructions and other related
instruments required to complete the transaction.
the preliminary report and any property disclosure,
or inspection report called for by the Residential Purchase
Agreement and Joint Escrow Instructions. ("Contract").
and signs new loan documents and fulfills any remaining
conditions contained in the Contract, lender's instructions
and/or the escrow instructions.
funds necessary to close the escrow. Approves any changes
by signing amendments in the escrow instructions.
Lender (when applicable)
the new loan application and other related documents
from the Buyer(s) and begins the qualification process.
and reviews the property appraisal, credit report, verification
of employment, verification of deposit(s), preliminary
report and other related information.
the entire package to the loan committee and/or underwriters
for approval. When approved, loan conditions and title
insurance requirements are established.
Buyer(s) of loan approval terms, commitment expiration
date and provides a good faith estimate of the closing
the new loan documents and instructions with the escrow
holder for Buyer's approval and signature.
and approves the executed loan package and coordinates
the loan funding with the escrow officer.
an order for escrow and title services.
the escrow instructions and required documents in accordance
with the terms of the Contract.
the preliminary title report on the subject property.
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.
the authorization from the real estate agent or principal,
orders demands on existing deeds of trust and liens
or judgments, if any. For assumption or subject to loan,
orders the beneficiary's statement or formal assumption
documents received in the escrow: preliminary report,
payoff or assumption statements, new loan package and
other related instruments. Reviews the conditions in
the lender's instructions including the hazard and title
the documents, statements, loan package(s), estimated
closing statements and other related documents to the
principal(s) for approval and signature, and requests
the balance of the buyer's funds.
the proceeds of the loan(s) from the lender(s).
when the transaction will be in the position to close
and advises the parties.
by title personnel, records the deed, deed of trust
and other documents required to complete the transaction
with the County Recorder and orders the title insurance
the escrow by preparing the final settlement statements,
disbursing the proceeds to the Seller, paying off the
existing encumbrances and other obligations. Delivers
the appropriate statements, funds and remaining documents
to the principals, agents and/or lenders.
Buyer's Offer to Purchase and initial good faith deposit
to open escrow.
documents and information to escrow holder, such as:
addresses of lien holders; insurance agent; tax receipts;
equipment warranties; home warranty contracts; and any
leases and/or rental agreements.
and signs the escrow instructions, grant deed and other
related documents required to complete the transaction.
inspections, receives clearances and approves final
reports and/or repairs to the property as required by
the terms of the Contract.
any remaining conditions in the specified in the Contract
and/or escrow instructions; approves the pay off demands
and/or beneficiary's statements.
any final changes by signing amendments to the escrow
an order for title service.
the public records affecting the real property and issues
a preliminary report.
the requirements and documents needed to complete the
transaction and advises the escrow officer and/or agents.
and approves the signed documents, releases and the
order for title insurance, prior to the closing date.
authorized by the escrow officer, Title records the
signed documents with the County Recorder's office and
issues the title insurance policies.