Escrow: What is it?
Escrow serves as an intermediary liaison communicating with all parties involved
Receiving and holding all funds, instructions and documents for the purchase
Complying with the lenders requirements in its instructions to escrow
Requesting a title search and preliminary report to determine the status of title to the property
Requesting a beneficiary statement or payoff demand from existing lenders
Holding inspection reports, deeds and insurance documents
Preparing or obtaining the Grant Deed
Prorating taxes, interest, insurance, rents and other costs related to the escrow
Recording the deed and other documents
Closing the escrow according to the instructions of the Buyer, Seller and Lender
Disbursing funds as authorized by the instructions, including real estate
commission, loan payoffs, sellers proceeds, title insurance, taxes, recording fees and other costs
Preparing and mailing final closing statements.
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