Escrow Timelines - What Step Comes Next?
Escrow is a neutral third party who hold funds in a protected account until the subject home is officially closed & changed ownership. The Title Company where Escrow is held will also provide valuable title information on the subject property. Your Escrow Officer will provide you with a Title Report to ensure the home is being conveyed with a clear title.
Escrow Timeline for a Home Buyer
Choose Real Estate Agent (Alyxandria Dale) & Discuss Wants and Needs
Meet with Lender to get Pre-Approval Letter. It is important to know what buying power you have before falling in love with a home that does not fit your budget.
After touring homes - you find The One! Make a strategic offer to purchase.
Upon acceptance, Alyxandria will opens escrow by turning in Offer Paperwork into the Title Company.
Buyer will deposit earnest money via check or wire to the Title Company once the file has been created. Check with your Escrow Officer & Real Estate Agent before wiring Funds!
Buyer needs to complete the loan application, then receive a Loan Estimate from Lender.
Complete & Return information package from Title Company. This is sent via e-mail.
Buyer & Alyxandria will schedule Inspections & Evaluates findings. Repair negotiations will happen during this time as well.
Title Commitment & Preliminary Report are sent out and reviewed by the Buyer & Alyxandria as well as title to ensure there are none of the 10 Common Title Problems
The Escrow Officer then Provides all requested paperwork to Lender.
Lender prepares Closing Disclosure & Delivers to Buyer at least 3 days prior to Loan Consummation.
Schedule Signing Appointment at title company. This can also be done remotely with a Notary. You will be informed of the correct funds due at settlement.
Consummate Loan, Execute Settlement Documents (your hand might hurt after this!) & deposit funds via wire transfer. Check with your Escrow Officer & Real Estate Agent before wiring Funds!
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Escrow Timeline for Listing Your Home For Sale
Choose Real Estate Agent (Alyxandria Dale) & Discuss Motivation to Sell.
Alyxandria Opens Escrow & Receives Title Report on Subject Property.
Seller Accepts Buyer’s offer to Purchase.
Complete & Return information package from Title Company.
Orders any work from inspection and/or repairs to be done required by the Purchase Agreement. 7 Important Repairs to Make Before Selling Your Home.
Schedule Signing Appointment.
Documents are Recorded & Proceeds from the Sale are Received.
Time to Celebrate!
Escrow Timeline for The Escrow Officer
Requests necessary information from Buyer & Seller via opening packages.
Upon receipt of order & earnest money deposit, orders Title Examination.
Orders demands for any payoffs. Common findings requiring Payoffs.
Contacts Buyer or Seller when additional info is required for title commitment/ preliminary report.
Demands, Invoices & Fees must be collected & sent to Lender at least 10 days prior to loan consummation.
Prepare Closing Disclosure with Lender.
Schedule Signing Appointment, informs buyer of funds due at settlement.
Sends funding package to Lender for review.
Prepares recording instructions & submits documents for Recording.
Documents are Recorded & Funds are Disbursed. Issues final settlement statement!
Escrow Timeline for The Lender
Accepts Buyers Application & Begins the Qualification Process.
Orders & Reviews: Title Commitment & Preliminary Report, Appraisal, Credit Report, Employment & Funds Verification.
Demands, Invoices & Fees must be collected & sent to Lender at least 10 days prior to loan consummation.
Underwriting reviews Loan Packages for Approval.
Coordinates with Escrow Officer to prepare the Closing Disclosure.
Delivers loan documents to Escrow.
Upon review of signed loan docs, authorizes funding.
This information can vary from company to company and this is a rough timeline of a common practice. If you are currently in contract with a Realtor this is not a solicitation.