Page 11 - Washington Title & Escrow Guide

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.

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15 Buyer selects a & Earnest 3
Buyer
PSA
receives
home &
Money
submits
their Real
Deposit
Escrow funds, keys from with loan delivered for conditions
contract
disburses
Estate
are
Broker.
including
status
Escrow
to
seller’s
proceeds,
reviews PSA
14 Documents are recorded in the invoices. report. Escrow. Buyer and Seller receive and 4
and
broker
commissions
and loans
to be paid
to close.
requirements
off and any
other
required
complete startSafe
information disclosures.
escrow is closed.
County Records Office and
13 Lender approves the signed loan Escrow establishes communication 5
to record and sends funds into
with the Buyer’s Lender, if any.
Escrow.
Buyer deposits required funds to Escrow Escrow orders and reviews the
close with Escrow.
reviews
preliminary title report.
the title
12 documents liens on Escrow 6
delivers the
report,
including
Loan
title report
Escrow
loan(s) to
are
confirms ownership, preliminary
the closing be paid to all
Escrow
review.
returned to
date and off, parties for
the lender
schedules
prepares property
for review
and
taxes,
appoint-
documents liens,
ments for
approval.
after loan judgments
Buyer &
11 documents. from lender, utilities if 7
and
documents
Seller to
arrive
requested.
sign
if any.
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