Life of an Escrow

This post covers the life of an escrow.

1. Open escrow and issue Escrow Number.
2. Order title search and preliminary report.
3. Receive and review preliminary report.
4. Prepare escrow instructions and commission order and send broker packages.
5. Order payoff demands on all outstanding liens and order HOA demand.
6. Receive and review payoff demands and HOA demand.
7. Receive home warranty, disclosure reports, and any other reports as required by Residential Purchase Agreement.
8. Receive loan documents from lender.
9. Figure file and review for outstanding items needed before closing.
10. Prepare escrow documents and schedule signing appointments.
11. Receive Buyer’s funds and return signed loan documents to lender.
12. Set up recording and date down file.
13. Review file to ensure that all conditions or Residential Purchase Agreement are met.
14. Request loan funds from lender.
15. Authorize recording of the documents once loan funds are received.
16. Documents are recorded with Recorder’s Office (escrow is closed).
17. Prepare final closing statements and disburse funds and send wire transfers.
18. Send closing letters to Buyer, Seller, Agents, Lenders, and etc.