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                  BLUEPRINT OF AN ESCROW

PHASE 1

 

 

              

 

 

Prepare Escrow instructions

 

 

and Required Documents

 

 

               

 

 

Escrow is Opened when ALL

 

 

signed instructions are returned

 

 

to escrow

 

 

               

PHASE 2

Order Title Search

                                                  Process Financing 

              

Receive & Review the

 

 

Preliminary Report

Request Beneficiary Statement

Lender will require a 

certified copy of all escrow

Request Demand(s),

Receive & Review beneficiary 

instructions and preliminary

& request clarification of 

statement(s). Review terms  

title report

other liens (if any)

of transfer & current payment

status.  Is Lenders approval 

Upon receipt of loan 

Receive and Review Demands

required prior to recording?

approval, compare the

(if a prepayment penalty is

Do these figures compare with

terms with the escrow

called for do your escrow

the escrow instructions?

instructions.

instructions provide for

 

 

the payment of same?)

 

 

                     

                      

 

PHASE 3

 

 

 

 

Review file to determine that all instructions have been followed

 

 

(All required documents signed, termite inspections, contingencies

 

 

released, fire insurance ordered, note(s) and deeds of trust

 

 

executed, bill of sale, etc.)

 

 

 

 

Prepare estimated settlement statement and request the 

 

 

balance of funds required from  buyer and/or seller and

 

 

obtain final signatures on any documents if required.

 

 

 

 

PHASE 4

 

 

 

Forward documents to

Obtain funds

Return loan documents

title company 

requested in Phase 3 

to lender

 

 

 

Request lenders

 

 

loan funds

 

 

 

 

Authorize recording 

 

 

with the title company

 

 

 

 

PHASE 5

 

 

 

 

Close file preparing buyers and sellers

 

 

closing statements and disburse funds

 

 

           

 

 

 

Complete closing by forwarding final

 

 

documents to all interested parties (Buyer-Seller-Lender-Agent)

 
  


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