Life of an Escrow
- The Sales Contract is assembled by the sales associate.
- The Sales associate delivers the contract, deposit receipt and pertinent property information to Hartford Escrow. Escrow instructions and pertinent documents are prepared. Signatures are obtained. Escrow orders a Title Search and requests demands (if any). Escrow request clarification of other liens (if any) and review tax report. Escrow request lender’s assumption or payoff and reviews terms of transfer and current payment and status. Escrow Receives payoff statements and enter information into the file.
- The Loan applications are completed with the lender. The lender requests verifications of employment, deposit, mortgage and credit report. The lender notifies escrow to send escrow instructions once they are prepared. The lender notifies title to send the preliminary title report once they have it. The lender receives verifications, credit report and appraisal. The documents are reviewed for correctness and completion. The lender requests additional information as needed.
- Title opens a title work order at Landwood Title. Title examines the public records, tax rolls and subdivision records.
- Title prepares the preliminary title reports and delivers them to the lender and escrow. Title performs daily computer monitoring of the file, and issues supplemental reports as needed.
- The buyer’s agent orders the Home Protection Plan. The buyer signs the seller’s disclosure statements.
- The final loan application is signed by the buyer. The loan file is assembled and submitted for approval. The loan file is submitted to a private insurer if necessary.
- The Loan approval and notifications are sent to the Sales Associates, Escrow, and The Buyer.
- The documents are forwarded to escrow for signatures.
- The buyer obtains home insurance through Tarbell Insurance Services.
- The buyer notifies the sellers to arrange the date for the final meter readings with the utility companies.
- The buyer conducts a final walk-through of the property.
- Escrow prepares the closing costs and request signatures on all remaining documents.
- The buyer obtains certified funds for the sellers.
- Escrow obtains funds from the buyer.
- Escrow forwards the executed documents to the lender and requests loan funds.
- Escrow payoff figures are received from the present lender.
- Closing instructions and the loan proceeds check are issued by the lender or investor and sent to the title company.
- Title receives and reviews the documents for recording. Title reviews escrow’s and the lender’s recording instructions, then calculates the demands and taxes. Title dates and documents the entire file and deposits the funding check.
- Title closes the file, prepares the statements, and disburses the funds.
- Title records the documents with the county recorder, pays the demands, the taxes and sends the proceeds to escrow.
- The lender’s closing documents are received. The file is packaged for service and or sale.
- Title issues the title policy.
- The transaction closes. The sales associate receives notification that the transaction has recorded. The sales associate presents the keys to buyer.The seller receives the sales proceeds.
A smooth escrow requires the cooperation of all parties involved. It is imperative that everyone keep in mind that time is of the essence in any escrow transaction.
This information was provided by Tarbell, Realtors
"It was my extreme pleasure having the opportunity to work with Ruby Williams of Tarbell Realtors on a recent transaction. I am primarily a listing broker who specializes in the marketing of bank owned foreclosure properties, and have been in the business for nearly 25 years. During that time, I've worked with literally 100's of Realtors on various transactions. I can honestly say that, of all of those, Ruby placed in the Top 5%. She's got all the qualities that make for a great Realtor. She was extremely easy to work with, kind hearted and you can tell, she CARES about the people she is working with. Not only that, she's very knowledgeable, which is an important quality when it comes to trusting someone to handle your most important investment. And, her honesty and integrity is beyond reproach. I was particularly worried about this transaction, as it was located many miles away from my office, and was a high-end home. Ruby was helpful in every instance, and made this deal a smooth and very pleasant transaction for everyone involved. She was on top of every detail, and pulled all the necessary strings to make the deal happen. Not only that, she wrote an offer that got her buyer's the house they wanted, amongst a very fierce, competitive demand for this particular home. That being said, I can only wish that all the Realtor's I worked with were like Ruby. Unfortunately, I know they are not! It's my hope that Ruby and I have many more opportunities to work together in the future. She is a joy to work with, and I would strongly recommend her to anyone in need of real estate services of any kind. She is amongst the tops in the business, and I wish her much continued success. "- Kirk Munchhof – Broker Associate, Century 21 High Country, Lake Arrowhead, CA
"Ruby is simply the best! She made purchasing my first home a wonderful experience. She is very knowledgeable, sincere and is always available when you need her. Ruby Demonstrates interest in your needs and ensures that all actions are to your advantage. I most definitely recommend her to everyone looking to purchase a home."- Michelle Blanco
"Ruby thanks so much for finding a home that met my wish list. I am very happy with my purchase! "- R. Falls-Jefferson