|
Click on a Party of the Transaction to skip to that section |
|
|
|
|
-
Deposits the executed deed to the Buyer with the settlement agent. -
Deposits evidence of pest inspection and any required repair work, if applicable. -
Deposits other required documents such as tax receipts, addresses of mortgage holders, any state or federal required documentation, etc.
|
|
|
-
Deposits the funds required, in addition to any borrowed funds, to pay the purchase price with the Escrow Officer. -
Deposits funds sufficient for home and title insurance. -
Arranges for any borrowed funds to be delivered to the Escrow Officer. -
Deposits any deed of trust or mortgages necessary to secure loans. -
Approves any inspection reports, the Preliminary Report for title insurance, etc., called for by the purchase and sale agreements. -
Fulfills any other conditions specified in the instructions.
|
The Lender (if applicable) |
-
Prepares loan document package for buyer/borrower. -
Deposits proceeds of the loan with the Escrow Officer. -
Directs the Escrow Officer on the conditions under which the loan funds may be used.
|
| The Escrow Officer |
- Opens the order for title insurance.
- Obtains approvals from the buyer on the Preliminary Report/Title Commitment, pest and other inspections.
- Receives funds from the buyer and/or any lender.
- Prorates taxes, rents, etc.
- Disburses funds for title insurance, recording fees, real estate commissions, lien clearance, etc.
- Prepares an estimated statement or HUD settlement statement, as required, for each party, indicating amounts to be disbursed for services and any further amounts necessary to close.
- Records deed and loan documents, delivers the deed to the buyer, loan documents to the lender and funds to the seller, closing the escrow.
- Issues final closing statement/HUD settlement statement and forwards to buyer, seller and lender.
|
Back To Top |
