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The Escrow Officer Does...

  • serve as an integral link to all parties in the transaction.
  • prepare and comply with escrow instructions with the mutual direction of the Principals.
  • request a title search from the title company selected by the principals to determine what title issues will need to be cleared and works with the title company to clear required items so title can transfer to Buyer.
  • request statements from any existing lender(s) and/or lien holder(s) upon direction of the Seller in order to payoff all loans prior to transferring property to buyer.
  • comply with the lender's requirements as specified in escrow instructions and lender's instructions.
  • calculate the final monies which Buyer will need to bring in to close escrow and request the funds from the Buyer.
  • secure releases of the contingencies and conditions as stated in the escrow instructions.
  • review the escrow instructions to verify if all conditions have been met. If all is in order and lender's conditions are met, the loan funding is requested and recording of the transfer documents is authorized.
  • receive confirmation of the recording and calculate the escrow file for prorations, payoffs, buyer and seller charges and escrow/title fees.
  • disburse all funds that are deposited into escrow in accordance with the written instructions provided by the principals.
  • prepare final statements accounting for all funds received into and disbursed from escrow to be provided to Buyer, Seller, Lender and Agents.

The Escrow Officer Does Not...

  • offer legal, tax and/or accounting advice.
  • prepare legal documents outside an escrow.
  • act as a negotiator for the principals.
  • inspect the property or handle the personal property that may be included.
  • become involved in taking possession of the property.
  • provide the keys to the property.