A reference guide to help you work alongside your real estate agent and your title and escrow company, Lawyers Title.
oregon.ltic.com
Day One
Your real estate agent will submit a copy of the real estate sale agreement to open escrow and order the preliminary title report. You must provide your email address and home or cell phone number in order to collect and share information with you securely. The preliminary title report should be completed and sent to all parties in 3 to 5 days.
Your Escrow Of cer is:
Eden Toothman
Eden.Toothman@ltic.com
503.535.0039
Please always verify that you have the correct email or phone number for your escrow team to avoid fraud.
Your escrow officer will send you an email via our startSafe Digital Open Package which has two-point authentication (this is why we need your phone number). This Digital Open Package will allow you to securely and remotely deposit your earnest money via your smart phone or tablet, gather information such as your lender contact and other buyer contact, and will also share wire fraud warnings with you.
Alternatively, your earnest money can be deposited via physical check to one of our branch office locations or wire transferred. Be sure to work with your escrow officer and real estate agent right away to coordinate the deposit in order to stay compliant with the terms of the contract.
If your new property is located in a Homeowners or Condo Association, your seller will send you documents from the HOA or COA for your review (per the terms of the sale agreement).
Work with your real estate agent to coordinate inspection appointments such as home inspection, sewer scope or radon.
Let your lender know you’ve entered into contract on your new home so the appraisal can be ordered and any other items can be started.
Day Three
Your escrow officer will send you, your real estate agent and your lender an email when your earnest money deposit has been received.
Day Five
All parties to the transaction (seller, buyer, real estate agents, lender and escrow officer) will receive a copy of the preliminary title report for review. Your escrow officer will review the preliminary title report and will work with you and the seller to gather payoff demands for any liens or judgements and homeowner/condominium association (if applicable), and clear any other encumbrances or clouds on title so that we can provide clear title to you and your lender. The process of clearing title typically takes about 14 days.
Day Six
Your real estate agent will work with you to review any inspection reports and findings, and then, if necessary, negotiate any repairs or concessions with the listing agent and seller.
Your lender will review the appraisal report and gather from you any additional financing documents needed to submit the file to underwriting.
Contact your insurance agent and obtain a binder showing proof of hazard insurance coverage. Send a copy of your binder to your lender and escrow officer.
Day Fifteen
Your real estate agent, lender and escrow officer will continue to work with you to clear any final contingencies and conditions to close.
Continue to work with your lender to get through the final underwriting process. Once underwriting approval is received, your lender will send your Closing Disclosure to review and approve your final loan terms, closing costs/credits and balance due to close.
Your escrow officer will continue to review and clear any remaining liens, judgments or clouds on title, and may request additional information or assistance from you if any of these liens are against you.
Day Twenty-Five
During the week prior to the closing date (and up until the actual closing date) your lender will be working with your escrow officer to send the final loan documents for signing. Once the documents are received, your escrow officer will coordinate your final document signing. Depending on timing, your signing ceremony can take place in one of our branch offices or at a location of your choosing outside of our offices (a mobile notary fee may apply).
Tips for a smooth closing:
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Due to the time urgency of the lender documents, prepare to be flexible with your schedule to set up signing.
Bring your photo ID to the closing appointment. Your escrow officer will need to notarize your signature.
Inform your escrow officer in advance of any travel you are planning at the time of closing, if you live out of state or if you have any special needs to accommodate signing.
Your final funds due to close must be in the form of a cashier’s check or wire. Timing is everything, and your escrow officer will let you know the amount due, along with your best banking option when your signing is scheduled. Be aware of wire fraud and confirm wire instructions directly with your escrow team before sending your wire!
Separately, your escrow officer will coordinate your seller’s final document signing and notarization of the warranty deed (the document which will ultimately transfer title to you).
Day Thirty - Closing Day!
Your escrow officer is working behind the scenes with your lender to receive approval of the final documents and approval to close. The lender will then send the wire for your loan amount.
Your escrow officer simultaneously reviews the file to confirm completion of all items, including contingencies having been met, payoff amounts to clear title, receipt of invoices, accurate and completed escrow signed forms and deed(s), and receipt of cleared funds to close from the buyer.
Once the file has been fully audited and all funds are in, the deeds will be electronically recorded with the County Clerk. Your escrow officer will be in communication with all parties throughout the day, including when the file has been cleared to record and when the deed(s) have officially been recorded.
Once recorded, all funds are disbursed from the escrow file including payoffs, bills and commission payment checks, and disbursement to you of your sale proceeds. You will receive a final settlement statement that lists out all costs and credits associated with your sale. Be sure to hold onto this for your tax and personal records.
Congratulations, your transaction has CLOSED―you will receive your keys from your real estate agent, the seller receives their proceeds and all parties celebrate!