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.
