Scribd Logo
Upload

Welcome to Scribd!

  • Life of An Escrow Flowchart 1

    Uploaded by

    ImoBank Investimentos
    29 views1 page
    The document outlines the key steps in the escrow process: 1) The buyer and seller sign a purchase agreement and the buyer places a deposit with the escrow holder. 2) The escrow holder orders a preliminary title report from the chosen title company and prepares escrow instructions and documents. 3) Once conditions are met, including loan approval and cleared title, the escrow holder requests and receives funds from the lender, records the deed, closes the file, and distributes proceeds.

    Original Description:

    Original Title

    Life of an Escrow Flowchart 1

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The document outlines the key steps in the escrow process: 1) The buyer and seller sign a purchase agreement and the buyer places a deposit with the escrow holder. 2) The escrow holder orders a preliminary title report from the chosen title company and prepares escrow instructions and documents. 3) Once conditions are met, including loan approval and cleared title, the escrow holder requests and receives funds from the lender, records the deed, closes the file, and distributes proceeds.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    29 views1 page

    Life of An Escrow Flowchart 1

    Uploaded by

    ImoBank Investimentos
    The document outlines the key steps in the escrow process: 1) The buyer and seller sign a purchase agreement and the buyer places a deposit with the escrow holder. 2) The escrow holder orders a preliminary title report from the chosen title company and prepares escrow instructions and documents. 3) Once conditions are met, including loan approval and cleared title, the escrow holder requests and receives funds from the lender, records the deed, closes the file, and distributes proceeds.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 1

    LIFE OF AN ESCROW

    Buyer & Seller Sign Purchase & Sale


    Agreement

    Buyer Places Deposit

    Buyer or Seller’s Broker/Agent Opens Escrow

    Escrow Holder Orders Preliminary Title Report from


    Title Company Chosen in RPA

    Escrow Prepares Instructions & Documents Buyer & Seller Sign & Return Escrow
    Supplemental
    Escrow Holder Forwards the “Statement of
    Escrow Holder Reviews Preliminary Report Identity” to Title Officer to Clear Title Under
    General Index

    Request Demands for Payoff Escrow Holder Calls Lender for Status &
    Conditions

    Escrow Holder Reviews Demands & Obtain Loan Approval, Check Terms, Order
    Documents Loan Docs

    Escrow Holder Reviews File & Verifies All Conditions Have Been Met Including
    Completion of Termite Reports, New Insurance, Homeowner’s Association Information,
    Data on Liens. Prepare Additional Documents if Needed.

    Escrow Holder Receives Loan Documents

    Buyer’s Loan Documents are Signed & Returned to Escrow Holder with
    Remainder of Funds

    Escrow Holder Reviews Buyer & Seller File, Verifying that Documents
    are Properly Executed, Notarized & Funds are Good & All Conditions
    Have Been Met

    Escrow Holder Requests Funds From Lender

    Escrow Holder and Title Company Review the Title Insurance


    Requirements

    Escrow Holder Recieves Funds From Lender

    Record Deed, Close File, Prepare Statements,


    Disburse Funds & Prepare 1099 Report

    You might also like