Escrow Processing
April 30, 2007
Your offer has been negotiated and accepted. Your agent now will "open escrow". What will escrow be doing?
The escrow holder will be ordering and collecting documents and monies according to the terms of the California Purchase Agreement.
The escrow holder will
1) Order a Preliminary Title Report which will show all the owners, a legal description of the property, any liens that are outstanding against the property and any easements of record.
As a buyer, escrow will send you a copy of the preliminary title report. It is important that you read it and go over it with your agent. The Purchase Agreement gives you the right to approve or disapprove of it. Along with the prelim, a copy of the CCRS will also be ordered. These are conditions, covenents and restrictions that may affect the use of the property.
2) Type up and send out supplemental escrow instructions and questionaires for buyer and seller to complete. It is important to complete these forms in a timely manner.
3) Order pay off statements from the seller's lender.
4) Receive loan documents from buyer's lender and set an appointment for signing. Tell buyer how much money will be needed in the form of a bank cashier's check in order to complete the escrow.
5) Package the loan documents and send them back to the lender.
6) Order buyer's insurance based on information buyer has given escrow holder.
7) Review the file and if all terms of the purchase agreement have been met, order funding and set up with the title company for recording the deed and transfering the title from the seller to the buyer.
8) Once the recording is confirmed, escrow holder will balance the file, pay all the bills, prepare HUD 1 closing statements and distribute remaining funds to the appropriate parties.
Tomorrow : What escrow holder is NOT concerned with.
Your offer has been negotiated and accepted. Your agent now will "open escrow". What will escrow be doing?
The escrow holder will be ordering and collecting documents and monies according to the terms of the California Purchase Agreement.
The escrow holder will
1) Order a Preliminary Title Report which will show all the owners, a legal description of the property, any liens that are outstanding against the property and any easements of record.
As a buyer, escrow will send you a copy of the preliminary title report. It is important that you read it and go over it with your agent. The Purchase Agreement gives you the right to approve or disapprove of it. Along with the prelim, a copy of the CCRS will also be ordered. These are conditions, covenents and restrictions that may affect the use of the property.
2) Type up and send out supplemental escrow instructions and questionaires for buyer and seller to complete. It is important to complete these forms in a timely manner.
3) Order pay off statements from the seller's lender.
4) Receive loan documents from buyer's lender and set an appointment for signing. Tell buyer how much money will be needed in the form of a bank cashier's check in order to complete the escrow.
5) Package the loan documents and send them back to the lender.
6) Order buyer's insurance based on information buyer has given escrow holder.
7) Review the file and if all terms of the purchase agreement have been met, order funding and set up with the title company for recording the deed and transfering the title from the seller to the buyer.
8) Once the recording is confirmed, escrow holder will balance the file, pay all the bills, prepare HUD 1 closing statements and distribute remaining funds to the appropriate parties.
Tomorrow : What escrow holder is NOT concerned with.
posted by shirley harry at 8:11 AM
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