LIFE OF A N E S C R O W

CLOSING DISCLOSURE SENT & 3 DAY

WAITING PERIOD BEGINS

CONGRATS! ESCROW IS OFFICIALLY OPEN

ESCROW OPENED WITH ESCROW COMPANY & TITLE REPORT ORDERED

VARIOUS INSPECTIONS ORDERED & DEPOSIT DELIVERED TO ESCROW COMPANY

INSPECTION REPORTS SENT TO ALL PARTIES & REVIEWED

BUYER RECEIVES FINAL LOAN APPROVAL FROM LENDER

APPRAISAL ORDERED BY & COMPLETED FOR LENDER

TITLE REPORT RECEIVED & APPROVED BY BUYER

LOAN DOCUMENTS PREPARED BY LENDER & SENT TO ESCROW COMPANY

CLOSING DOCUMENTS COMPILED BY ESCROW COMPANY

SEPARATE APPOINTMENTS SET: BUYER & SELLER SIGN DOCUMENTS

BUYER DEPOSITS REQUIRED CLOSING FUNDS

DOCUMENTS RECORDED & ESCROW CLOSED

LENDER "FUNDS LOAN" (SENDS FUNDS TO TITLE CO.)

AFTER RECORDING CONFIRMED, TITLE CO. COMPLETES PAYOFF OF EXISTING LIENS & BALANCE SENT TO ESCROW CO.

ESCROW COMPANY ENSURES ALL ESCROW CONDITIONS ARE MET

CONGRATS! YOUR ESCROW HAS CLOSED!

LOAN DOCUMENTS RETURNED TO LENDER FOR REVIEW

ESCROW COMPANY DISBURSES REMAINING FUNDS & ISSUES SETTLEMENT STATEMENT

A title spells out who has the right of ownership for a property. It is considered "clear" if there are no claims or liens against it. In order to make sure nothing will prevent the transfer of the property to you, a title company will conduct a title search and prepare a preliminary report that indicates what recorded matters affect the title to the property and if the title insurance company is willing to insure the title. At the close of escrow, the title company will issue an Owner's Policy of Title Insurance to protect you against losses that might arise from covered claims on the title.