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Loans / The Closing/Escrow Process"Our website is a great place to start, our Realtors® are a great place to finish"
The Closing/Escrow Process
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| When the buyer and seller sign the Real Estate Purchase Contract, The REPC is completed. (Under Contract) | Payoffs are updated and assessment for water and sewer, etc. are obtained. | Package is sent back to the lender for approval. | ||
| The agent orders a commitment for title insurance with the title company. | Loan documents are received by the the title company from the lender. | Request funds from the lender and approval to record. | ||
| The REPC is delivered to an escrow officer (title company) | Closing notification comes from the lender. | When all funds are received the title company records the documents with the county recorder. | ||
| A title report is prepared by examining documents of public record. | Escrow officer prepares buyer's and seller's pertinent documents per the lenders closing instructions.(such as the settlement statement) | Disburse Funds to all parties. | ||
| A commitment for title insurance is delivered to the lender, and the seller's and buyer's agents. | The signing of the documents (settlement) takes place. Copies of all documents are given to the appropriate parties. | Close File - Record Documents - Issue Title Policies |
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| Payoffs are ordered and all exceptions reviewed. | File gets reviewed to determine that all conditions have been met and that the documents are properly executed, notarized, and good funds received. |  |
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