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THE LIFE OF AN ESCROW (cont’d)
CHICAGO TITLE CALIFORNIA BUYER & SELLER GUIDE
• Presents the documents, statements, loan package(s), estimated closing statement and other related documents to the principals(s)
for approval and signature(s), and requests the balance of the buyer’s funds.
• Reviews the signed instructions and documents, returns the loan package and requests the lender’s funds.
• Receives the proceeds of the loan(s) from the lender(s).
• Determines when the transaction will be in the position to close and advises the parties.
• Assisted by title personnel, records the deed, deed of trust, and other documents required
to complete the transaction with the County Recorder and orders the title insurance policies.
• Closes the escrow by preparing the final settlement statements, disbursing the proceeds to the seller, paying off the existing encumbrances and other obligations. Delivers the appropriate statements, funds and remaining documents to the principals, agents and/or lenders.
The Seller(s)
• Accepts buyer’s offer to purchase and initial good faith deposit to open escrow.
• Submits documents and information to escrow holder, such as: addresses of lien holders, tax receipts, equipment warranties, home warranty contracts, any leases and/or rental agreements.
• Approves and signs the escrow instructions, grant deed and other related document required to complete the transaction.
• Orders inspections, receives clearance, and approves final reports and/or repairs to the property as required by the terms of the purchase and sale agreement (deposit receipt).
• Fulfills any remaining conditions specified in the contract and/or escrow instructions; approves the payoff demands and/or beneficiary’s statements.
• Approves any final changes by signing amendments to the escrow instructions or purchase and sale agreement.
Chicago Title
• Receives an order for a title policy.
• Examines the public records affecting the
real property and issues a preliminary report. Determines the requirements and documents needed to complete the transaction and advises the escrow officer and/or real estate agents.
• Reviews and approves the signed documents, releases, and the order for title insurance, prior to the closing date.
• When authorized by the escrow officer, records the signed documents with the county recorder’s office and prepares to issue the title insurance policies.
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