The Escrow Process

• The Agent orders a Commitment for Title Insurance.
• When the Buyer signs the Real Estate Purchase Contract, the REPC is completed.
• The REPC is delivered to an Escrow Agent.
• A Title Report is prepared through the Title Company by examining documents of public record.
• A Commitment for Title is delivered to the Lender, Sellers Agent, and Buyers Agent.
• Payoffs are ordered and all exceptions reviewed.
• Payoffs are updated and assessments for water and sewer, etc. are obtained.
• Loan Documents received from Lender.
• Closing notification comes from Lender.
• Escrow Officer prepares Buyer's and Seller's instructions and all pertinent documents (HUDs, etc.) from Lender's closing package.
• The Signing of the Documents (Settlement) takes place. Copies of all documents are given to the appropriate parties.
• Review file to determine that all conditions have been met and documents are properly executed, notarized, and good funds received.
• Package is sent back to the Lender for approval.
• Request loan funds from the Lender and approval to Record.
• Receive wire from the Lender.
• When all funds are received, the Title Company records documents.
• Disburse funds to all parties.
• Property is closed. Congratulations!
• Close file: record documents, issue Title Policies, prepare Reconveyance, record Reconveyance.