What is an Escrow?
An Escrow is a financial instrument held by a third party on behalf of the two other parties in a transaction.
Funds are held under the Escrow (A Division/Department/Independent Entity) until it receives the appropriate written or oral instructions or until obligations have been fulfilled. Securities, Funds ,and other Assets can be held in Escrow.
- Receives and deposits (into Escrow's account) the buyer's initial deposit and prepares the Escrow package. Obtains the seller's notarized signature on Grant Deed. Safeguards Grant Deed until all terms and conditions are met and Buyer's remaining certified funds are on deposit. Orders Title Search and receives and distributes preliminary Title Report. Calculates portions pertaining to Property Taxes, Rents, Insurance, Interest, and other expenses as required
- Coordinates with Buyer's lender throughout the Escrow process. Orders and processes Buyer's loan documents. Coordinates Buyer's signing of loan documents and their return to Buyer's Lender. Receives Buyer's final down payment funds and coordinates funding with Buyer's Lender
- Orders credit report and other credit documentation as required. Reviews the Buyer's credit and, when necessary, obtains satisfactory explanations from the buyer regarding any negative credit history. Verifies the buyer's sources of income. Verifies that the buyer has adequate liquid funds for down payment, closing costs, and reserves. Requests an appraisal of the property, and verifies that the property's value is equal to the contract sales price
- Submits the loan to the underwriters for final approval
- Coordinates delivery of the buyer's loan documents to the escrow officer
- Tax Certificates
- Lien Releases
- Closing Protection Letter (CPL)
- Commission Statement
- HUD Preparation
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