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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@bdhomes.com
    CALBRE #00964448
  • Testimonial

    ” I cannot say enough good things about Angela. I have bought and sold 2 properties with Angela and she is the consummate professional. Her market knowledge, negotiating skills, compassion for buyers and
    sellers’ needs and attention to detail is remarkable. Angela makes the process of buying and selling as seamless as possible for both buyers and sellers. It was a pleasure to work with her in both instances.”

    – Robin G.

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