Closing (which may be called "escrow" or "settlement") is the process in which an impartial third party orchestrates the paperwork for the transfer of ownership from Seller to Buyer according to the terms and conditions of a written contract. The closing agent is entrusted with seeing that any documents or funds are held until all the details of the contract have been settled. At this time, the signing of the closing documents between Sellers and Buyers are scheduled along with the deposit of funds. Documents are recorded and the funds are disbursed on the date of closing.
After all parties sign the Purchase and Sales Agreement, the escrow agent receives a copy. The licensed escrow officer reviews the agreement and prepares a package with escrow instructions to both Buyer and Seller. The package will contain paperwork, which will assist us in the closing of the transaction and clarify the relationship between the escrow agent and the parties involved. Shortly after this mailing, you will receive a title commitment report as to the condition of the property. We will be reviewing and clearing the title report while we are waiting for the loan documents from the lender. The escrow officer prepares the closing documents according to the lenders instructions and coordinates the appointments for the signing of the documents with both buyers and sellers. After signing, the escrow officer will collect and deposit the appropriate funds required to close and send the signed package back to the lenders funding department for final review. This review process takes approximately one to two days. At this point, the lender calls the escrow agent and authorizes the release of the file for recording with the County Courthouse. The escrow agent receives the recording numbers from the title company and disburses the funds to the related parties. Closing has now occurred and the property has changed ownership.
© The Escrow Source Inc. All rights reserved. [ Privacy Notice ]