Page 16 - Washington Buyers Guide - SKAGIT County_FINAL_Neat
P. 16
LIFE OF AN ESCROW
Understanding Your Escrow Transaction
Buyer Start Seller
Selects a realtor Selects a Realtor
Buyer Gets pre-approved by Buyer Selects home and Seller Reviews and accepts
Lender if new loan needed submits contract with Loan contract from Buyer
Buyer Views home with Escrow opened and
Status Report (LSR) preliminary report ordered
Realtor Various inspections ordered Seller completes SI form,
Inspection reports sent FIRPTA & Tax Withholding Form
to applicable party, reviewed Appraisal ordered by & Buyer Advises Escrow Company
Preliminary report received completed for Lender of home insurance company
and approved by Buyer Loan documents prepared Buyer
Closing documents compiled by Lender & sent to Escrow approval from Lender
Buyer Deposits required funds Loan documents returned
by Escrow Company Lender “funds loan” to Lender for review
Separate appointments set: (sends funds to escrow) Escrow Company ensures
Buyer & Seller sign documents Buyer Receives keys all contract conditions
have been met
Documents recorded from Realtor Final documents sent
and escrow closed to interested parties
Escrow Company disburses funds
Strength | Expertise | Service 16
