Home » Buyers » Home Buying Guide » The Life of an 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.

Join My VIP List

Sign up for exclusive updates on your market preferences. Get the latest news and helpful tips by joining now!