Life of an Escrow After your offer has been accepted by the seller, Escrow is opened. Your earnest money check will be submitted to the Title Company and the funds deposited. This flow chart shows the role of the Title and Escrow Company in your transaction.
Receive and review fully executed Sales Contract Order Preliminary Title Report Send out opening letters to all parties. Obtain contact info of everyone involved including lenders, accommodators, attorneys etc. Receive and review Preliminary Title Report - email to Buyer and Seller and their RE Brokers Order insurance binder proof of coverage
Receive and review loan documents
Order loan payoff statements and clear other title exceptions
Prepare closing statements and Escrow documents Obtain funds that are due for closing
Obtain signatures on documents from Buyer and Seller
Return loan document to lender for review
Receive loan funds
Forward documents to be recorded to Title Department for review
Receive authorization from lender to record and fund and then authorize Title Company to record Receive confirmation of recording - â€™rechecksâ€™
Disburse all funds
Escrow officer calls the agent and lets them know its all funded and recorded and you officially own your new home
A basic step by step guide through the home buying process in Oregon.