Escrow Plain and Simple

• Escrow is opened by agents per terms of the contract and your deposit check is placed into an escrow account.

• Title report is ordered and reviewed when received. Any and all steps are then taken to insure buyer is given clear title.

• Escrow instructions are prepared and forwarded to all parties for signature and returned.

• Information regarding buyers financing is obtained and continuing communication is established between escrow and lender.

• Payoff statements for existing loans are ordered and reviewed when received. All other contingency items such as pest inspection, home protection and/or homeowners association statements are ordered.

• Upon formal loan approval, file is reviewed for completeness and if ready to close, loan documents are ordered. All other missing items are then researched.

• Upon receipt of loan documents, buyer is contacted for signature, fire insurance is discussed and reviewed. Seller is contacted for final signatures if necessary. Final estimated closing statement is reviewed with buyer and arrangements discussed regarding final funds required to close (cashier's check, wire, etc.).

• Upon final review of file, readiness to close is determined, buyers final deposit is made, and lender "funds" the loan.

• Once all funds required to close have been received by title company and/or escrow, the deed transferring title and other pertinent documents (mortgage, etc.) are recorded and file is closed. Once deemed closed, all funds are disbursed in accordance with original instructions to seller, broker/agents, and other parties to the escrow. Buyer then obtains possession of the property through agent.

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  11 Easy Steps to A "Smooth Sailing" Escrow

1. Insure that your deposit check is ready to be cashed immediately. these funds are NOT held uncashed in escrow.

2. Establish and maintain an early and constant communication with your lender.

3. Sign and return all escrow instructions promptly and completely. Escrow is not considered officially opened until all signatures are received.

4. Shop for homeowners (fire) insurance early and advise escrow of company or agent chosen. Escrow CANNOT close without a complete policy on file.

5. If any changes are required on your escrow instructions, call either your agent or escrow office. DO NOT alter original instructions.

6. Be prepared to sign your final loan documents approximately one week prior to the scheduled closing date. This will be done in your escrow office, and all final closing figures are reviewed at this time.

7. Be prepared to have a cashier's check or wire transfer issued for your final closing funds approximately 48-72 hours prior to the closing date. Escrow CANNOT close on a personal check or other uncollected funds.

8. During the course of escrow, if you are a seller and need to make mortgage or tax payments prior to closing, please contact your escrow officer before doing so. These payments may not be posted promptly and may need to be held in escrow at closing.

9. Advise your escrow officer immediately of any changes in your status, such as change in address or phone number, change in marital status, or simply leaving town for a few days. Escrow may suggest a "power of attorney" so that closing is not delayed.

10. If you are a seller, and  your final proceeds are to be paid to someone other than yourself, escrow must be advised in writing.

11. Always remember that your escrow officer appreciates a smooth closing as much as you do, and will gladly answer any questions you may have during the course of your escrow!!

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• Home Ownership

• Most Commonly Asked Questions by Buyers

• What Price Home Can You Afford?

• Six Ways to Come Up With Your Down Payment

• Some Buyer's Options When Purchasing a Home

• Escrow Plain and Simple

• The Loan Process

• What is Title Insurance?

• What is Needed When Applying for a Mortgage?

• The Purchase Agreement

• Now that you've signed a purchase agreement, what's next?

• Buyer's List After the Contract is Accepted