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The Escrow Process
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The following is a brief overview of the Escrow process, provided by Old Republic Title Company. If you have any questions about specific steps in the process, please send me an email message and I would be happy to clarify.
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The Seller:
- Clears matters on preliminary report
- Deposits statutory warranty deed
- Signs Escrow instructions
The Buyer:
- Reviews preliminary report
- Secures financing with lender
- Signs loan documents
- Provides hazard insurance for the lender
- Signs escrow instructions
- Deposits funds
- Receives owner's title insurance policy
The Lender:
- Reviews preliminary report
- Qualifies buyer
- Discloses closing costs
- Issues loan commitment and lender's escrow instructions
- Arranges hazard insurance with Buyer
- Prepares loan documents for escrow
- Receives and reviews executed loan documents
- Receives lender's title insurance policy
The Escrow Officer:
- Reviews preliminary report
- Provides copies of report to all parties
- Works with Seller to clear liens, judgements, etc.
- Receives and prepares Seller's and Buyer's escrow instructions
- Receives Buyer's funds for escrow and deposits
- Complies with Lender's escrow instructions
- Arranges new loan funding with lender
- Prepares document/special instructions
- Records document for public record
- Disburses monies/documents to appropriate parties
- Prepares final closing statement for buyer and seller
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