Life of an Escrow - Oro Valley Real Estate
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Opening the Escrow (items needed to open escrow):
Fully executed Purchase Contract earnest money check, New lender information,Existing loan payoff / assumption information, Copy of listing, Cost estimate sheet
Processing the Escrow:
Escrow deposits earnest money check • Escrow orders Preliminary Title Report
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 the Escrow Office, Lender, Agents, Sellers & Buyers
Escrow Closing Preparation:
Preliminary Title Report received by Escrow Office 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 follow-ups on receipt of the following if needed, per Purchase Contract:
Termite Report - Buyer’s Hazard Insurance - Home Protection Plan - New Loan Package Payoff Information - Repair Bills - Assumption Information - Warranties
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 Office
Advise all parties executing document to bring a valid government issues 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
Execution of Documents:
Buyer & Seller meet with Escrow Office and execute all documents
After all parties have executed the necessary documents, escrow returns loan packages to anew lender for review and funding Lender funds the loan and lenders check or wired funds are to escrow for processing.
After escrow received all funds needed and have ascertained that all funds are “Collected”, original documents are sent to the Recording Desk for recordation
Once documents are recorded, escrow notifies Agents
Disbursement of Funds:
All Disbursements are made in accordance with the Settlement Statement
Purchaser receives Owner’s Title Insurance Policy
New Lender receives ALTA Loan Policy