Seamless Escrow Process From Start to Finish
The escrow process begins with a clear, mutually accepted offer, expertly negotiated by your real estate agents. At City Escrow, Inc., we ensure the entire journey is smooth and stress-free. From opening escrow to closing, we manage all the details, keeping the process moving seamlessly. With our competitive escrow services and a smooth escrow process overview, you can rest easy, knowing your transaction is in capable hands while you focus on what matters most.
Responsibilities
- Submit Offer: Presents a written offer to purchase or accepts the seller’s counteroffer, along with a good faith deposit.
- Sign Escrow Documents: Review and sign the escrow instructions and any other necessary documents to complete the transaction.
- Approve Title & Reports: Approve the preliminary title report and any needed property disclosures or inspection reports.
- Loan Documentation: Signs new loan documents and meets any conditions outlined in the contract, lender’s instructions, or escrow instructions.
- Deposit Closing Funds: Deposits necessary funds to ensure a smooth closing of escrow.
- Agree to Changes: Reviews and signs any amendments to the escrow instructions, confirming approval of adjustments during the process.
- Accepts Loan Application: Accepts the buyer’s loan application and supporting documents, initiating the qualification process.
- Orders and Reviews Documents: Orders and thoroughly reviews the property appraisal, credit report, verification of employment, verification of deposit(s), preliminary report, and other related documents.
- Submits to Loan Committee: Submits the complete loan package to the loan committee or underwriters for approval. Once approved, it sets loan conditions and title insurance needs.
- Notifies Buyer(s): Notifies the Buyer(s) of loan approval terms and the expiration date for commitment, and provides a good faith estimate of closing costs.
- Deposits Loan Documents: Deposits the finalized loan documents and instructions with the settlement agent for the buyer’s review, approval, and signature.
- Coordinates Loan Funding: Reviews and approves the executed loan package, working closely with the escrow officer to coordinate loan funding for a smooth closing process.
- Initial Order and Coordination: Receives the escrow and title service order, then places the order for the preliminary report or title commitment for the property.
- Impartial Third Party: Acts as the neutral “stakeholder” or depository, safeguarding documents and funds, and adhering to written instructions from all parties involved.
- Preparation of Documents: Prepares escrow instructions and necessary documents in line with the terms of the sale, ensuring accuracy and clarity.
- Handling Demands and Liens: With authorization from the real estate agent or principal, orders demands related to deeds of trust, liens, or judgments. For assumption loans, order beneficiary statements or formal assumption packages.
- Review and Verification: Reviews all received documents—such as the preliminary report, payoff or assumption statements, new loan packages, and other related instruments—ensuring everything aligns for a smooth transaction.
- Lender Instructions: Examines the lender's instructions, ensuring compliance with hazard insurance and title insurance conditions.
- Approval and Signature: Presents the relevant documents, including loan packages and closing statements, to the parties for approval and signature, and requests any remaining buyer funds.
- Loan Disbursement: Receives loan proceeds from the lender(s) and ensures everything is for closing.
- Closing Coordination: Determines the appropriate time to close and informs all parties, managing the final steps of the process with precision.
- Finalization of Documents: Collaborates with title personnel to record the deed, deed of trust, and other closing documents with the County Recorder. Orders title insurance policies, with recordation happening after closing, depending on location.
- Transaction Completion: Finalizes the transaction by preparing the settlement statement, disbursing proceeds to the seller, and ensuring all financial obligations are paid.
- Final Delivery: Ensures that all statements, funds, and remaining documents are delivered to the appropriate parties—including principals, agents, and lenders—completing the escrow process.
- Accepts Buyer’s Offer: Accepts the Buyer’s Offer to Purchase and initial good faith deposit, opening the escrow process.
- Submits Documents: Submits necessary documents and information to the escrow holder, including lien holder addresses, tax receipts, warranties, leases, and rental agreements.
- Approves Escrow Documents: Approves and signs the escrow instructions, grant deed, and all other demanded documents to finalize the transaction.
- Orders Inspections & Approvals: Orders property inspections, receives necessary clearances, and approves final reports and/or repairs needed per the terms of the purchase agreement.
- Fulfills Contract Conditions: Fulfills any remaining conditions outlined in the contract and/or escrow instructions, and approves payoff demands or beneficiary statements.
- Approves Final Amendments: Reviews and approves any final changes by signing amendments to the escrow instructions or contract.
- Receives Title Service Order: Receives the order for title service and begins the process of securing the property’s title.
- Examines Public Records: Reviews public records related to the property and issues a detailed preliminary report or title commitment.
- Determines Conditions: Identifies the necessary documents and essentials to complete the transaction, guiding the escrow officer and agents.
- Reviews and Approves Documents: Reviews and approves all signed documents, releases, and the title insurance order to ensure everything’s in place before closing.
- Records & Issues Title Insurance: Records the finalized documents with the County Recorder's office and prepares to issue the title insurance policies, securing ownership for the buyer.
Start Your Smooth Escrow Journey
Your seamless escrow process starts here. With competitive escrow fees and expert guidance on steps in escrow transactions, we ensure your transaction is smooth and stress-free. Contact us today to learn more about how we can help you!