What Is An Escrow?
An escrow is a neutral third party. The escrow is a legal procedure for handling the details of the real estate transaction from the time the purchase agreement is ratified, until the title is transferred and the sale is completed. The escrow is typically managed by a title company.
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The escrow officer, a neutral third party in the transaction, must complete specific instructions, received from the buyer's and seller's agents, before title is transferred and funds are disbursed. The buyer's and seller's instructions must match in order for the escrow to move forward. The escrow is usually opened by the next business day after mutual acceptance of the purchase agreement and the buyer's earnest money is deposited into the escrow.
Preliminary title Report - the title company searches the public records for pertinent information about the property. Who is the owner of record? What liens exist against the property? What easements affect the property? Are there any judgment that might have to be cleared before title can be transferred? Any such items must be resolved during the escrow period.
Title Insurance - The title insurance policy is protection for the buyer against forgeries, errors in public records and other specific items. An ALTA (American Land Title Association) title insurance policy is issued to protect the lender. Generally the buyer is required to pay for the ALTA policy when a lender is involved.
What is the Escrow Process? The following is a brief overview of the Escrow process: 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, judgment, 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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