Page 11 - CTT Title & Escrow Guide for Buyers & Sellers - Montana

ESCROW FLOW

The role of the Escrow Agent is to act as a neutral third party to fulfill the terms of a Real
Estate Purchase & Sale Agreement (PSA) and facilitate the successful transfer of
ownership from seller to buyer. Below is a general step-by-step description of the
process.

Buyer
Buyer selects
Escrow disburses receives contract with Money
a home &
funds, including
keys from
submits
Seller’s proceeds,
PSA &
their Real
Earnest
loan status
and loans to be
paid off and any
Broker.
Documents in the County Office and Broker commissions Estate report. delivered to and PSA for
are recorded
other required
Deposit are
invoices.
Escrow.
Records
Escrow
escrow is
reviews
closed.
conditions
to close.
requirements
Buyer and Seller receive
and complete Start InHere®
Lender approves the signed
information disclosures.
loan to record and sends
funds into escrow.
Buyer deposits Escrow establishes
required funds to close communication with the
with Escrow. Buyer’s Lender, if any.
Loan documents are
returned to the Lender for Escrow reviews the
orders and
review and approval.
Preliminary
Escrow schedules and prepares Report, including delivers the Title Report.
signing appointments
Escrow
Escrow
for Buyer & Seller.
Escrow
Preliminary
reviews liens
Title Report
confirms the
on the Title
closing date
for review.
to be paid off,
documents
property taxes,
after loan
liens, judgements,
documents ownership, loan(s) to all parties
and utilities if
arrive from
requested.
Lender, if any.
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