STEP ONE: ESCROW OPENS
When the escrow opens, it means that the title company is in receipt of two things: a completed and signed purchase contract, including all amendments and addendums; and an earnest money deposit, usually in the form of a personal check, made payable to the title company, or a wire transfer.
STEP TWO: RECEIPTS ARE EMAILED
The receipt for earnest money is emailed to both agents and the lender within 24 hours along with the escrow number and pertinent contact information known to us at the time.
STEP THREE: ESCROW OFFICER WORKS FILE
1. The Preliminary Title Report is ordered and
received, then emailed to agents and lender
2. Escrow Officer schedules signing appointment with seller.
3. The Home Owner’s Association (HOA) is notified and statements are ordered
4. Seller’s written mortgage loan payoffs are ordered
5. Buyer’s agent remits Termite Report to Escrow Officer
6. Lender’s loan terms and documents are requested
7. Buyer provides Escrow Officer with Homeowner’s Insurance information
8. The Pre-Audit HUD 1 Settlement is emailed to agents and lender
9. Upon receipt of loan documents, Escrow Officer schedules signing appointment with buyer
STEP FOUR: ESCROW SIGNING
Signing takes place with both Sellers and Buyers prior to close of escrow date on contract. Both must bring valid photo identification for Notary Public purposes. Upon completion of signing, Lender’s documentation is returned to Lender for review, approval, and funding. This process can take more than 24 hours at the lenders, so be sure to provide ample “prior to close of escrow” time for these signings. Once funds are received the transaction can record. Close of escrow has taken place!
STEP FIVE: ESCROW CLOSES
Close Of Escrow . . . Deeds Are Recorded! Once it has been recorded with the county, your escrow officer will let your Realtor know, and at that time you will get the keys to your new home.
STEP SIX: FUNDS ARE DISBURSED
Once we have confirmed recording information, the funds are disbursed, including commission checks, and final closing packages are ready for pick up, delivery or mail.
At Top Property Shop we take every measure of effort to ensure a smooth transaction. With the assistance of our well organized and informed title company , and Lenders who communicate each and every detail with us, we all experience the satisfaction of a job well done. Communication is the key to a successful