| The
Buyer(s) |
The
Lender
(when applicable) |
The
Escrow Officer |
The
Seller(s) |
Title
Company |
| Tenders
a written offer to purchase (or accepts the Seller's counter-offer)
accompanied by a good faith deposit amount. |
Accepts
the new loan application and other related documents from
the Buyer(s) and begins the qualification process. |
Receives
an order for escrow and title services. |
Accepts
Buyer's Offer to Purchase and initial good faith deposit
to open escrow. |
Receives
an order for title service. |
| Approves
and signs the escrow instructions and other related instruments
required to complete the transaction. |
Orders
and reviews the property appraisal, credit report, verification
of employment, verification of deposit(s), preliminary report
and other related information. |
Orders
the preliminary report and examination on the subject property
from Chicago Title. |
Submits
documents and information to escrow holder, such as: addresses
of lien holders, tax receipts, equipment warranties, home
warranty contracts, any leases and/or rental agreements.
|
Examines
the public records affecting the real property and issues
a preliminary report. |
| Approves
the preliminary report and any property, disclosure or inspection
report called by the purchase and sale agreement. (Deposit
Receipt) |
Submits
the entire package to the loan committee and/or underwriters
for approval. When approved, loan conditions and title insurance
requirements are established. |
Acts
as the impartial "stakeholder" or depository,
in a fiduciary capacity, for all documents and monies required
to complete the transaction per written instructions of
the principals. |
Approves
and signs the escrow instructions, grant deed and other
related documents required to complete the transaction.
|
Determines
the requirements and documents needed to complete the transaction
and advises the escrow officer and/or agents. |
| Approves
and signs new loan documents and fulfills any remaining
conditions contained in the contract, lender's instructions
and/or the escrow instructions. |
Informs
Buyer(s) of loan approval terms, commitment expiration date
and provides a good faith estimate of the closing costs.
|
Prepares
the escrow instructions and required documents in accordance
with terms of the sale |
Orders
inspections, receives clearances and approves final reports
and/or repairs to the property as required by the terms
of the purchase and sale agreement (Deposit Receipt). |
Reviews
and approves the signed documents, releases and the order
for title insurance, prior to the closing date. |
| Deposits
funds necessary to close the escrow. Approves any changes
by signing amendments in the escrow instructions. |
Deposits
the new loan documents and instructions with the escrow
holder for Buyer's approval and signature. v |
With
the authorization from the real estate agent or principal,
orders demands on existing deeds of trust and liens or judgments,
if any. For assumption or subject to loan, orders the beneficiary's
statement or formal assumption package. |
Fulfills
any remaining conditions specified in the contract and/or
escrow instructions; approves the pay off demands and/or
beneficiary's statements. |
When
authorized by the escrow officer, Title Company records
the signed documents with the County Recorder's office and
prepares to issue the title insurance policies. |
| |
Reviews
and approves the executed loan package and coordinates the
loan funding with the escrow officer. |
Reviews
documents received in the escrow: preliminary report, payoff
or assumption statements, new loan package and other related
instruments. Reviews the conditions in the lender's instructions
including the hazard and title insurance requirements. |
Approves
any final changes by signing amendments to the escrow instructions
or contract. |
|
| |
|
Presents
the documents, statements, loan package(s), estimated closing
statements and other related documents to the principal(s)
for approval and signature, and requests the balance of
the buyer's funds. |
|
|
| |
|
Reviews
the proceeds of the loan(s) from the lender(s). |
|
|
| |
|
Determines
when the transaction will be in the position to close and
advises the parties. |
|
|
| |
|
Assisted
by title personnel, records the deed, deed of trust and
other documents required to complete the transaction with
the County Recorder and orders the title insurance policies.
|
|
|
| |
|
Closes
the escrow by preparing the final settlement statements,
disbursing the proceeds to the Seller, paying off the existing
encumbrances and other obligations. Delivers the appropriate
statements, funds and remaining documents to the principals,
agents and/or lenders. |
|
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