Page 15 - Chicago Title CA Buyers Guide
P. 15
LIFE OF AN ESCROW
Understanding Your Escrow Transaction
Buyer Start Seller
Selects a realtor Selects a Realtor
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
Realtor submits contract with Loan preliminary report ordered
Status Report (LSR)
Inspection reports sent
Seller completes SI form,
to applicable party, reviewed Various inspections ordered Furpta & Tax Withholding form
Preliminary report received Appraisal ordered by & Buyer Advises Escrow Company
and approved by Buyer completed for Lender of home insurance company
Closing documents compiled Loan documents prepared Buyer
by Escrow Company by Lender & sent to Escrow approval from Lender
Separate appointments set: Loan documents returned
Buyer & Seller sign documents Buyer Deposits required funds to Lender for review
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 Realtor to interested parties
Strength | Expertise | Service 15
