Life Of An Escrow

 

* Receive and review fully executed Sale Contract and Broker’s Instructions

* Order Preliminary Title Report

* Send out Opening Letters to Parties
(Note: Obtain name(s) of lenders, exchange accommodators, attorneys, etc.)

* Receive and Review Preliminary Title Report
(Note: Order loan payoff statements & Clear other title exceptions)

* Receive and Review Loan Documents
(Note: Order Insurance Binder - Proof of Coverage)

* Prepare Closing Statements and Escrow Documents

* Obtain signatures on documents and funds due to close
          ↓                                                                            ↓

Return loan documents
to lender for review

Forward documents to be
recorded to title company
or department for review

 
* Receive authorization from lender to record and fund and then authorize title company to record.
           ↓                                                                            ↓

Receive loan funds

Receive confirmation of
recording (“rechecks”)

 
* Disburse all funds

* Forward final documents to all parties


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