Page 9 - WA Thurston 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












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