ESCROW HOLDER
- Serves as the neutral third party to the principles in a real estate transaction, which would include Sellers, Sellers Agent, Buyers, Buyers Agent, Brokers, Title Company, Lender
- Obtains a fully executed Purchase Agreement and Buyers Good Faith Deposit to open escrow
- Holds and secures all documents and deposits
- Opens an order for title insurance with the title company agreed to per the Purchase Agreement
- Obtains reports/documents such as but not limited to title insurance report, wood pest inspection and other inspections such as septic and well, Natural Hazard Disclosure, solar lease transfer documents, homeowner’s association documents, per the Purchase Agreement and obtains any necessary approvals of the documents from Buyers.
- Orders payoff demands, prorates taxes, interest and HOA dues (if applicable), rents according to instruction,
- Disburses funds according to instructions of all parties for title insurance, recording fees, real estate commission and lien clearances, tax withholding, and prepares any final statement for each party, indicating amounts to be disbursed and any further amounts needed in order to close the escrow.
- Prepares final closing by handling loan documents and making sure they are returned to the lender, records deed, delivers deed to Buyers, deliver funds due Sellers per instruction and issues closing statements.
LENDER
- Collects all required documentation from the Buyers in order to process, underwrite and approve the loan
- Loan requirements and conditions are submitted to the Escrow Holder
- Final closing documents are issued to the Escrow Holder for Buyers to sign and approve
- Loan package will be reviewed and verified for completeness in order to fund the Buyers loan
SELLERS
- Delivers any required up-front fees to escrow holder for any required city inspections/reports, homeowners documents per the purchase agreement be paid for by Sellers
- Orders necessary inspections required of Sellers per the Purchase Agreement
- Handles signature of escrow supplements and instructions/amendments and delivers notarized deed to escrow holder
- Delivers other required documents, including but not limited to loan payoff information, insurance information, homeowners association information, wood pest inspection reports and any other applicable reports, such as septic and well reports and any required clearances , repair work, receipts and invoices to be paid.
- Complies with Escrow Holder and Brokers/Agents for the signing and return of required documents and/or disclosures
- Provide escrow holder instructions for final closing statement and disbursement of proceeds
BUYERS
- Receives pre-approval from Lender of choice and complies with submitting any and all documents necessary to receive loan approval
- Escrow Holder will deliver certain costs and fees to lender who will prepare the Loan Estimate
- Deposits with Escrow Holder the initial deposit and any increased deposit required per the purchase agreement
- Delivers any required up-front fees to Escrow Holder for any required city inspections or reports required per the purchase agreement be paid for by buyers
- Orders any necessary inspections and investigations of Buyers choosing within contingency timeframes of purchase agreement
- Handles signature of escrow supplements and instructions/amendments and reviewing all documents and reports and returning all signed documents to Escrow Holder
- Complies with Escrow Holder and Brokers/Agents for the signing and return of required documents and/or disclosures
- Loan documents will be provided to Escrow Holder by Lender and appointment set up with Buyers to sign with a Notary Public
- Once confirmation of recording of the deed is confirmed by the title company, Buyers are officially the new owners of the property
- Provide Escrow Holder instructions for final closing statement and disbursement of any funds.