|
|
 |
THE
ESCROW OFFICER DOES ... |
|
- Serve
as an integral communication link to all parties in the transaction.
- Prepare
and comply with escrow instructions from the mutual direction of the
principals. Request a title search from the title company selected
by the principals to determine what title issues will need to be cleared
before title can transfer to Buyer.
- Request
statements from any existing lender(s) or lien holder(s) upon direction
of the Seller.
- Comply
with the lender's requirements as specified in escrow instructions.
- Calculate
the final monies which Buyer will need to bring in to close escrow and
requests the funds from the Buyer.
- Secure
releases of the contingencies and conditions as stated in the escrow
instructions.
- Review
the escrow instructions to verify if all conditions have been met and
all funds from the Buyer have been received into escrow. If all is in
order the loan funding is requested and recording of the transfer documents
is authorized.
- Receive
confirmation of the recording and calculates the escrow file for prorations,
payoffs, buyer and seller charges and escrow/title fees.
- Disburse
all funds that are deposited into escrow in accordance with the written
instructions provided by the principals.
- Prepare
final statements accounting for all funds received into and disbursed
from escrow.
|
|
|
|
|
THE
ESCROW OFFICER DOES NOT... |
|
| |
- Offer
legal, tax and/or accounting advice.
- Prepare
legal documents outside an escrow.
- Act as
a negotiator for the principals.
- Inspect
the property or handle the personal property that may be included.
|
|
