Items needed to Open Escrow:

• Fully executed Purchase Contract
• Earnest money check
• Copy of listing
• New lender information
• Existing loan payoff/assumption information
• Cost estimate sheet

• Escrow deposits earnest money check
• Escrow orders Preliminary Title Report from Title Department
• Escrow requests payoff or assumption information, homeowner’s association information, etc.

• Property is searched
• Property and parties are researched by the Title Examiner
• Preliminary Title Report is typed and sent to Escrow Officer, Agents, Sellers & Buyer

• Preliminary Title Report received by Escrow Officer and is reviewed for any surprises (i.e. tax liens, judgments, unknown liens of record, discrepancies in legal description, delinquent taxes, access
  problems, etc).
• Escrow advises Agents if additional information is needed to clear any surprises revealed by the Preliminary Title Report
• Escrow prepares for closing
• Escrow follows-up on receipt of the following if needed, per Purchase Contract:
  • Termite Report -Home Protection Plan
  • Buyer’s Hazard Insurance -New Loan Package
  • Payoff Information -Assumption Information
  • Repair Bills -Warranties
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• Time for closing– loan documents are received and Escrow Officer ‘works’ the file to reflect closing and advises agents of funds (if any) that are needed for closing
• Closing appointment times are set for Seller and Buyer with Escrow Officer
• Advise all parties executing documents to bring a valid government issued picture (i.e. license, passport, etc).
• Advise Buyer to bring in a cashier’s check or wired funds for closing
• Advise seller that pursuant to the Purchase Contract, they shall supply escrow with their Social Security number.

• Buyer & Seller meet with Escrow Officer and execute all documents

• After all parties have executed the necessary documents, escrow returns loan package to new lender for review and funding
• Lender funds the loan and lenders check or wired funds are sent to escrow for processing

• After escrow receives all funds needed and have ascertained that all funds are ‘Collected”, original documents are sent to the Recorder’s office for recordation
• Once documents are recorded, escrow notifies Agents

• All Disbursements are made in accordance with the Settlement Statement

• Purchaser receives Owner’s Title Insurance Policy
• New Lender receives ALTA Loan Policy