THE ESCROW PROCESS

Team LA Escrow's Roadmap To The Process

SELLER

Request Title Order

Receive + Review Preliminary Title Report

Clarification of Liens ( if any)

Review Taxes

Request & Review Demands

Forward all recordable transfer documents to title company.

Escrow receives the executed real estate purchase agreement and joint escrow instructions

Escrow Opens

Escrow instructions prepared for Seller & Buyer to complete and sign.

Disclosure Processing. Property & termite Reports. Home Owners Association Documents are requested & submitted to buyer

Receive loan documents, Review file to verify all contingencies removed, all conditions met, all reports/documents ordered & received (termite inspection/clearance, home warranty, homeowners association, insurance etc.) Confirm all invoices & Demands are received and current. Prepare additional document and final amendments, as needed.

Prepare estimated closing statements for Seller & Buyer and request signatures on all remaining documents and instructions.

Obtain final funds from the buyer.

Escrow closes when documents record.

CONGRATULATIONS!

Issue final checks & closing statements. Forward closing package & checks to Seller, Buyer, Brokers/Agents, & Lenders.

BUYER

Escrow Officer reaches out to buyer to explain wire fraud & obtain earnest money deposit.

Coordinate with new lender to initiate loan process

Submit all necessary documents to lender. Receive loan approval & request documents. Buyer signs loan documents.

Return loan document to new lender.

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