WHAT HAPPENS IN ESCROW?
An escrow holder is a neutral, impartial agent for both the seller and the buyer who will work closely with your realtor and your lender to fit together all the "jigsaw pieces" of the transaction, assuring that the escrow instructions are complied with in the time period called for.
Our procedures and responsibilities include the following:
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Draw escrow instructions according to your agreement as interpreted to us by you or your Realtor®.
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Order a preliminary title report from the title company for the property to be sold. This report revels liens of record on the property and is our guideline to assure that title is conveyed with only the liens the buyer has agreed to accept.
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Order statements/demands from the lender of record, homeowner's association, or any other lien holder which affects the title to the property.
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When the buyer's new loan has been approved, we will order the insurance policy from the buyer's insurance agent asking that it be delivered to us prior to the loan funding.
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As soon as the loan documents are delivered to us, we will estimate the closing costs and call the buyer's realtor to arrange for an appointment to sign the loan documents and bring in the clear cashiered funds. (Some lenders will give us their charges verbally prior to sending documents to us.... if so, we get a head start on the closing procedure.)
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When the buyer has signed all the loan documents, they are then to be sent to the lender with a request that the loan be funded. YOUR ESCROW HAS NOT YET CLOSED...DEPOSITING CLOSING FUNDS INTO ESCROW IS NOT THE TRIGGER...RECORDING THE DEED IS.
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When the lender verifies that they re in a position to release the loan funds, we call the Title Company to "set-up" the recording. Recordings are typically done at 8:00 A.M. Most title companies do have morning and afternoon "SPECIAL" recordings. These must be approved by the lender. The Title Company will re-check the county records the night prior to recording to assure that no new liens have been recorded since the preliminary title report was issued. On occasion, a new lien will appear and the recording "PULLED" until a clearance of the new lien can be obtained.
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Between 11:00 A.M. and 1:00 P.M. on the day of the recording, the Title Company will call escrow to confirm that they have recorded and to give us their charges. We then balance your escrow, type the closing statements, and disburse all funds.
CONGRATULATIONS YOUR ESCROW IS CLOSED!