Receive an order for escrow and title services.
Sends the order to the Title Department who prepares the preliminary report or title commitment for the subject property.
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.
Prepare the escrow instructions and required documents in accordance with terms of the sale.
With the authorization from the real estate agent or principal, orders demand on existing deeds of trust and liens or judgments, if any. For assumption or subject to loan.
Reviews documents received in the escrow: preliminary report or title commitment, payoff or assumption statements, new loan package and other related instruments.
Review the conditions in the lender’s instructions including the hazard and title insurance requirements.
Present 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.
Receive 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. Depending on the property location, the recordation of the documents may occur after the closing date.
Close the transaction by preparing the final settlement statements, disbursing the proceeds to the Seller, paying off the existing encumbrances and other obligations.
Deliver the appropriate statements, funds and remaining documents to the principals, agents and/or lenders. Prepares the title insurance policies and deliver them to the Buyers.