The escrow company is a neutral third
party in the escrow transaction. They
work closely with your realtor and your
lender to fit together all the "jigsaw"
pieces of the transaction, assuring that
the escrow instructions are adhered to
within the specified time frame.
Your Escrow Officer carries out the
following procedures and
responsibilities:
PREPARE AN ADDENDUM TO THE CONTRACT: As
directed and reviewed by the Real Estate
Agents.
ORDER PRELIMINARY TITLE REPORT: The
preliminary title report is ordered from
the title insurance company for the
property you are buying or selling. This
report reveals liens of public record
and is the guideline escrow uses to
assure that title is conveyed with only
the liens and matters the buyer has
agreed to accept.
ORDER PAYOFF STATEMENTS (DEMANDS): Order
demands from the lender of record the
current mortgage(s) on the property, the
homeowner’s association statement and
documents, and any other lien
information, which affects the title to
the property.
PREPARE ESTIMATED CLOSING STATEMENT: As
soon as loan documents are delivered to
us, we will estimate the closing costs
and call the buyer to arrange for an
appointment to sign the loan documents
and bring the closing funds.
ORDER INSURANCE: Upon receipt of the
loan documents and signing of the
lenders instructions, escrow will order
the insurance policy from the buyer’s
insurance agent, per the requirements of
buyer’s new lender.
SET UP FUNDING: When the buyer has
signed all loan documents, they are then
sent to the lender with a request that
the loan funds be released ("funding").
Your escrow has not yet closed at this
point; "recording" of the grant deed is
the trigger. Lenders have different time
schedules. Some fund their loans locally
and need only one days notice, while
others will need up to two full days to
review the loan package and fund.
When the lender verifies that they are
in a position to release the loan funds,
the Escrow Officer calls the title
company to "set-up" the recording.
Insured documents in San Diego County
record at 8:00am. The title company
rechecks public county records prior to
having the documents recorded, to assure
that no liens have been recorded.
Occasionally, a new lien will appear and
the recording is "pulled" until a
clearance of the new lien is obtained.
Between 10:30 am and 12:00 pm, the title
company will call to "confirm" that all
documents have been recorded and give
escrow the final title and payoff of
existing lender costs. Escrow will then
balance your file, type closing
statements and disburse funds.
