Life of an Escrow

by | Sep 23, 2013

  • Agent calls escrow to open new file, or faxes or emails the contract to escrow to open new file.
  • Escrow pulls escrow number and enters information and orders title with Title Company of agent’s choice.
  • Escrow types the escrow instruction packages for buyer and seller, and agents.
  • Escrow will receive preliminary title report , reviews it and sends to all parties.
  • Escrow will order any demands for liens, judgments or loans of record.
  • Escrow will receive said demands and review, then send to seller for approval, along with the estimated closing statement.
  • Escrow will check in signed escrow packages, or any other mail obtained for file.   Escrow will keep agents informed of the status of the Escrow file.
  • If buyer obtains a loan, Escrow will follow up with the lender and send out a status note to all, as to the loan progress.
  • Once loan is approved, lender will send loan documents, for buyer to sign, to escrow. Escrow will review documents and put estimate together for buyer to sign with the loan documents.
  • Once loan documents are signed, Escrow will package them and send them back to the lender for processing.
  • Once lender checks in the loan documents, they send Escrow and prior to funding condition list, if any.
  • Once lender’s condition list has been satisfied, lender will fund the loan.  Escrow will verify all parties are ready for funding and recording.
  • Escrow will call title to set the file up for recording.
  • Once recorded, Escrow will notify all parties of confirmation of recording and closing of file.
  • Title will balance out their file and send funds to escrow.
  • Escrow will balance out the file and disburse funds to buyer, seller and agents, and per any invoices submitted to escrow.


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