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Life of an Escrow
Escrow is one of the last stages in the purchase or sale of a
real property. When someone says that they are in escrow, it
means that they have either accepted an offer on the sale of
their property, or their offer to purchase has been accepted. The
offer to purchase agreement is the instrument that is first
signed by all parties before they "go to escrow".
The life of a typical escrow in basic outline: Escrow
instructions are prepared along with other pertinent documents,
and signatures are obtained. Title search is ordered, a
preliminary title report is received and sent out for review and
approval by all parties. Demands for payoff are ordered on
existing money liens, and clarification requested on tax liens
and other liens. While the escrow officer is processing the file,
the lender for the buyer is also processing the loan application.
If the buyer is assuming the existing loan, the escrow officer
requests a beneficiary statement , forwards to buyer for review
and approval, and requests loan documents for transfer or for the
new loan.
Once documents are received, the file is "figured" and
reviewed to determine that all conditions have been met, and all
documents have been properly prepared. Funds are obtained from
the buyer, signatures on loan documents are obtained, loan funds
are requested and received, and recording is ordered from title
company.
There are, of course, many other occurrences in the life of an
escrow, and each one is unique unto itself, because it involves
totally unique circumstances and individuals
For any assistance in purchasing or selling, please feel free
to contact me at 909-869-0259 or visit my website at http://www.nefcortez.com
 MORE RESOURCES updated Thu. February / 09 / 2012
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