ESCROW MADE EASY

THE ESCROW PROCESS

At Key Escrow, we will guide you through the five main steps of escrow and help you understand each part of the process.

STEP 1: OPEN ESCROW

Once the seller accepts an offer and the Residential Purchase Agreement is signed by all parties, the buyer deposits a Good Faith Deposit to Escrow.

Then the escrow officer assigns an escrow and prepares Escrow Instructions for buyer and seller to sign. Once signed, the escrow process moves to the next step.

STEP 1: OPEN ESCROW

Once the seller accepts an offer and the Residential Purchase Agreement is signed by all parties, the buyer deposits a Good Faith Deposit to Escrow.

Then the escrow officer assigns an escrow and prepares Escrow Instructions for buyer and seller to sign. Once signed, the escrow process moves to the next step.

STEP 2: ORDER TITLE REPORT

With escrow opened, the escrow officer orders the title search and reviews the preliminary title report for possible outstanding liens, unpaid taxes, and other possible issues.

Next, the buyer decides how to hold title, and escrow draws up the Grant Deed based on the buyer’s choice of title vesting.

STEP 2: ORDER TITLE REPORT

With escrow opened, the escrow officer orders the title search and reviews the preliminary title report for possible outstanding liens, unpaid taxes, and other possible issues.

Next, the buyer decides how to hold title, and escrow draws up the Grant Deed based on the buyer’s choice of title vesting.

STEP 3: ESCROW COORDINATION

The escrow officer requests beneficiary statements and/or payoff demand, reviews terms of transfer, prepares documents and amendments, and sends to buyer and seller for approval.

With the title report under review, the escrow officer requests clarification of liens, reviews taxes, coordinates with lender, and checks for correct terms. Lastly, the escrow officer requests and collects any invoices to be paid through escrow.

STEP 3: ESCROW COORDINATION

The escrow officer requests beneficiary statements and/or payoff demand, reviews terms of transfer, prepares documents and amendments, and sends to buyer and seller for approval.

With the title report under review, the escrow officer requests clarification of liens, reviews taxes, coordinates with lender, and checks for correct terms. Lastly, the escrow officer requests and collects any invoices to be paid through escrow.

STEP 4: TRANSACTION AND FUNDING

The escrow officer reviews all documents to ensure accuracy and completion. Once ready, the escrow officer prepares and secures the deed and all other related documents, then prorates property taxes, interest, insurance, and rents.

The escrow officer then sends documents for recording at the County, obtains funds from the buyer, coordinates the transfer of funds, and prepares final closing documents.

STEP 4: TRANSACTION AND FUNDING

The escrow officer reviews all documents to ensure accuracy and completion. Once ready, the escrow officer prepares and secures the deed and all other related documents, then prorates property taxes, interest, insurance, and rents.

The escrow officer then sends documents for recording at the County, obtains funds from the buyer, coordinates the transfer of funds, and prepares final closing documents.

STEP 5: CLOSE ESCROW

The buyer and seller authorize escrow to give the go-ahead to record deeds and any other documents. Any funds needed to close are sent to title. Title insurance policy is issued, and title releases instructions to County for recording.

Escrow receives confirmation of recording, disburses funds, and sends final papers to all parties.

STEP 5: CLOSE ESCROW

The buyer and seller authorize escrow to give the go-ahead to record deeds and any other documents. Any funds needed to close are sent to title. Title insurance policy is issued, and title releases instructions to County for recording.

Escrow receives confirmation of recording, disburses funds, and sends final papers to all parties.

CONTACT

At Key Escrow, our first-class team of experts are here to provide you the highest level of customer service. And as a neutral third-party, you can depend on our escrow professionals to work for both sides of the transaction with the utmost integrity, maintaining the strictest confidentiality while wrapping everything up in a timely manner.

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