Buying and selling real estate can be complex. In the labyrinth of forms, financing, pricing, negotiating and inspections, it makes sense to work with a professional that knows the community and much more. I have the experience to help you with one of the most exciting purchases you will make in your life.
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Once a Sale Agreement (sometimes called an Earnest Money Agreement) is completed, the Buyer’s Real Estate Professional deposits the earnest money check with the title company along with the Sale Agreement.
Arranged by either: Lender, Real Estate Professional, Seller, or Buyer.
The Escrow Officer is a neutral party that hold and disburses the parties’ funds, prepares an accounting of the transaction, and prepares deed to transfer ownership under written instructions – all in accordance with terms of the Sale Agreement.
The seller provides an owner’s title insurance policy to the Buyer, and the Buyer provides a lender’s title insurance policy to Lender. The title company searches the records of the county recorder, county assessor, and other government agencies to locate any documents that might affect title to the subject property.
A preliminary title report is then issued revealing all matters of public record affecting subject property and involved parties. A copy of the report will be distributed to all parties of the transaction.
Financing and Processing
Arranged by the Buyer.
The Lender processes the loan to include review of the Buyer’s verification of funds to close, employment history, credit report, and appraisal of the property. The loan package is delivered to the Escrow Officer to prepare final statements, escrow instructions, and transfer documents for closing.
After the Escrow Officer has reviewed the loan package, and prepared the closing statements and transfer documents, appointments will be made with the Buyer and Seller to sign. Each Buyer and Seller will have the opportunity to review the documents and ask questions of the Escrow Officer.
After all documents are signed, the Escrow Officer returns the loan documents to the Lender for final review. The Escrow Officer also requests loan funds from lender at this time, usually in the form of a wire transfer.
Upon approval by the Lender, the deed and deed of trust (mortgage) are delivered by the title company for recording with the county recorder. Authorization to close is given to the Escrow Officer who then “closes” the transaction by releasing the document to record.