Page 11 - California Buyers & Sellers 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.

16 1 2

Buyer
15 Buyer selects a & Earnest 3
PSA
receives
home &
Money
submits
their Real
Deposit
Escrow funds, keys from with loan delivered for conditions
contract
disburses
Estate
are
Broker in
including
accordance
status
Escrow
to
seller’s
with terms
report.
proceeds,
reviews PSA
commissions
and
broker
14 Documents are recorded in the disbursements. outlined Escrow. Buyer and Seller receive and 4
in PSA.
and loans
to be paid
requirements
to close.
off and any
other
authorized
complete Start InHere
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 Escrow liens on Escrow 6
delivers the
report,
including
Loan
title report
are
loan(s) to
confirms ownership, preliminary
the closing be paid to all
Escrow
returned to
date and off, parties for
the lender
schedules
for review
and
prepares property review.
appoint-
documents taxes,
liens,
ments for
approval.
after loan judgments
Buyer &
and
documents
11 documents. from lender, utilities if 7
Seller to
arrive
applicable.
sign
if any.
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