The buyer and seller have mutual acceptance on a sales contract. A signed copy of the purchase and sale agreement is sent to the escrow company that has been selected.

Escrow Officer reviews the terms of the purchase and sale agreement along with the preliminary title report and contacts the agents with any concerns.

Opening letters and requests for information are sent to both parties (liens, payoffs, home owners association, sewer capacity, etc.) Sellers are to provide any lien/payoff information and buyers are to provide lender and home owner’s insurance information.

Escrow receives loan documents and instructions from lender (if applicable) to prepare final closing documents and the estimated HUD-1 Settlement Statement.

Escrow officer schedules signing appointments with both buyers and sellers to execute final closing documents. Buyer is informed of the amount needed to close.

Escrow deposits funds received to close into a trust account.  Funds must be in certified form (ie:  Cashier's check or wire transfer) and must be deposited the business day prior to the close date.

Original documents executed by buyer go back to the lender for their review. Recording documents signed by both parties are sent to the title company for their review and approval to record.

After lender review period, lender contacts escrow and authorizes funding and recording. Escrow calls the title company to release and record the documents with the County where the subject property is located. Lender transfers loan proceeds to escrow.

Title Company takes original documents to the County Recorders Office to record. Upon recording, the title of the property is then officially transferred from the seller to the buyer.

Title Company calls escrow with recording numbers. Transaction is officially closed when recording numbers are received and funds are available to the seller. All checks and funds are disbursed.

Escrow company proceeds with post closing duties (i.e., release of utility holdback, reconveyances etc.)

File remains on site for one year and off site for five years.