Places order for the preliminary report or title commitment for the subject property from Brokers Title.
Acts as the impartial “stakeholder” or depository, in a fiduciary capacity, for all documents and monies required to complete the transaction per written instructions of the principals.
Prepares the escrow instructions and required documents in accordance with terms of the sale.
With the authorization from the real estate agent or principal, orders demands on existing deeds of trust and liens or judgments, if any. For assumption or subject to loan, orders the beneficiary’s statement or formal assumption package.
Reviews documents received in the escrow: preliminary report or title commitment, payoff or assumption statements, new loan package and other related instruments.
Reviews the conditions in the lender’s instructions including the hazard and title insurance requirements.
Presents the documents, statements, loan package(s), estimated closing statements and other related documents to the principal(s) for approval and signature, and requests the balance of the buyer’s funds.
Receives the proceeds of the loan(s) from the lender(s).
Determines when the transaction will be in the position to close and advises the parties.
Assisted by title personnel, records the deed, deed of trust and other documents required to complete the transaction with the County Recorder and orders the title insurance policies. Depending on the property location, the recordation of the documents may occur after the closing date.
Closes the transaction by preparing the final settlement statements, disbursing the proceeds to the Seller, paying off the existing encumbrances and other obligations.
Delivers the appropriate statements, funds and remaining documents to the principals, agents and/or lenders.