The Life of An Escrow

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What is an escrow and how does it goes ?

In California the transaction of buying  or selling a property is brought to escrow after the offer is accepted by the seller, and this is how it goes :

The life of an escrow

• Buyer and Seller sign purchase and sale agreement
• Buyer places deposit
• Buyer or Seller's agent /broker opens escrow
• Escrow holder orders Preliminary Title Report from Title Company
• Escrow prepares instructions and documents
• Escrow holder and agent/broker review preliminary report
• Buyer and Seller sign and return escrow supplemental documents
• Escrow holder forward the "Statement of Identity" to title officer to clear title under General Index
• Escrow holder calls lender for Status and Conditions
• Escrow holder obtain loan approval, check terms, order loan documents
• Escrow holder reviews file and verifies all conditions have been met including : completion of termite reports, new insurance, homeowner's association information, data on liens, prepare additional documents if needed.
• Escrow holder receives loan documents
• Buyer's loan documents are signed and returned to escrow holder with remainder of funds.
• Escrow holder reviews buyer and seller file,  verifying that documents are properly executed, notarized, and funds are good and all conditions have been met
• Escrow holder requests funds from lender
• Escrow holder and title company review the title insurance requirements
• Escrow holder receives funds from lender 
• Record deed, close file, prepare statements, disburse funds & prepare 1099 report.

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