Page 9 - WA King County Home Buyers & Sellers Guide
P. 9
LIFE OF AN ESCROW
Understanding Your Escrow Transaction
Buyer Start Seller
Selects a real estate broker Selects a real estate broker
Buyer Gets pre-approved by Seller Reviews and accepts
Lender if new loan needed contract from Buyer
Buyer Views home with Buyer Selects home and Escrow opened and
real estate broker submits contract with Loan preliminary report ordered
Status Report (LSR)
Inspection reports sent
to applicable party, reviewed Various inspections ordered Seller completes SI form,
FIRPTA & Tax Withholding Form
Preliminary report received Appraisal ordered by & Buyer Advises Escrow Company
and approved by Buyer completed for Lender of home insurance company
Separate appointments set: Loan documents prepared Buyer
Buyer & Seller sign documents by Lender & sent to Buyer for review approval from Lender
Loan documents returned Closing documents compiled Buyer Deposits required funds
to Lender for review by Escrow Company
Escrow Company ensures
Documents recorded Lender “funds loan” all contract conditions
and escrow closed (sends funds to escrow)
have been met
Buyer Receives keys Final documents sent
Escrow Company disburses funds from real estate broker to interested parties
Strength | Expertise | Service 9
