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What is the Escrow Process?

The escrow process can be a complicated and often technical necessity of buying and selling real estate. Understanding the various duties and functions of the escrow can assist all parties in ensuring a successful and timely transaction. Additional escrow officer duties and responsibilities:

    • Receive and hold buyer’s funds in a non interest paying trust account during escrow.

 

    • Read and comply with all agreements as detailed in the Purchase Contract and Joint Escrow Instructions.

 

    • Follow mutually signed, written instructions agreed upon by buyer and seller during escrow.

 

    • Prepare Escrow Instructions, Grant Deed, Estimated Closing Statement and any documents required to clear title or required by the lender.

 

    • In some cases the escrow officer will obtain reports as required by the purchase contract and provide to the buyer for review.

 

    • Make sure escrow is in receipt of buyer and seller signatures required documents.

 

    • Receive loan documents from the buyer’s lender (IF APPLICABLE). Prepare amendments and estimated closing statements.

 

    • Order the evidence of insurance from the buyer insurance agent.

 

    • Send signed loan documents and all lender required items to the lender for funding.

 

    • Send original recordable documents and any releases required to clear title to the title company for recording at the close of escrow.

 

    • Make sure escrow is in receipt of all funds necessary to pay the seller proceeds during escrow.

 

    • Make sure the seller has sufficient equity in the property to cover all costs during escrow.

 

    • Make sure that all the proper paperwork is in escrow to provide the buyer with clear title to the property.

 

  • Make sure all conditions agreed upon by the buyer and seller on the purchase agreement have been satisfied prior to closing escrow.
  • Angela Fox Martin

    Angela Fox Martin
    760-702-6762
    angelafox@cox.net
    CALBRE #00964448
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    “Angela is an outstanding Realtor. She represented us on the sale of our home. She kept us well informed, and the process moved forward smoothly. We highly recommend her!”

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