Escrow Tasks

To prepare for the closing of your transaction, your escrow agent

Prepares escrow instructions as directed by the parties involved
Obtains a preliminary title report or a commitment of title
Orders a statement of identity (information) on the buyer and seller
Orders loan payoffs at the client’s request
Complies with the lender’s requirements specified in the lender’s instructions
Receives bills from termite, roof, appliance inspection and home warranty companies
Receives purchase funds from client
Prepares or secures the deed or other documents
Prorates taxes, interest, insurance and rents according to instructions
Secures release of contingencies/conditions as imposed on particular escrow
Records deeds and other documents as instructed
Closes escrow when buyer and seller have met all criteria for the transaction
Disburses funds as authorized by instructions, including charges for title insurance, recording fees, real estate commissions and loan payoffs
Prepares final statements for the parties, accounting for the disposition of all funds deposited in escrow