The Life of an Escrow

Research and examine record title Issue Title Commitment

Receive & review title commitment.  Send copies to Buyer, Seller & Lender. The seller and buyer especially should review title commitment at this time and call escrow officer with any questions.  Buyer should choose a fire insurance company

Title Officer works with Escrow Officer to determine which title exceptions can be removed

Request payoff figures from underlying lenders. Work with appropriate parties to clear all "clouds" on title

Loan underwriting and approval, Loan documents prepared

Prepare Settlement Statements (These show all monetary aspects of the transaction.)

Prepare escrow instructions and pertinent closing documents including the Deed

Prepare escrow instructions and pertinent closing documents including the Deed

Obtain signatures from seller. Obtain signatures and closing funds from buyer

Buyer and seller can carefully review Settlement Statements and Documents at this time and should feel free to ask any questions they might have. The buyer's funds need to be in the form of a cashiers check or a wire transfer from buyer's bank to escrow account

Lender rechecks and approves signed documents.

After lender approval, check all documents for validity and forward to courthouse for recording. Call escrow with recording number

Funds wired from lender

Disburse funds

Wire funds

Title Insurance policies to buyer and lender