- Deposits the executed deed to the buyer with the escrow holder.
- Deposits evidence of pest inspection and required repair work.
- Deposits other required documents such as tax receipts, addresses of mortgage holders, insurance policies, equipment warranties or home warranty contracts
- Deposits the required earnest money deposit, in addition to the down payment, to pay the purchase price with the escrow holder
- Arranges for any borrowed funds to be deposited with the title company.
- Deposits any deed of trust or mortgages necessary to secure loans.
- Approves any inspection reports, the Preliminary report for title insurance, etc. called for by the purchase and sale agreements.
- Fulfills any other conditions specified in the escrow instructions.
The lender (if any)
- Deposits proceeds of the loan with the title company.
- Directs the title company and escrow holder as to the conditions under which the loan funds may be used.
- The escrow Holder:
- Impartial third party that prepares and follows instructions from the parties to the transaction.
- Typically opens the order for title insurance.
- Obtains approvals from the buyer as to the manner in which they want to take title.
- Receives funds from the buyer and/or any lender.
- Prorates insurance, taxes, rents, etc.
- Disburses funds for title insurance, recording fees, real estate commissions, lien clearance, etc.
- Prepares a final statement for each party, indicating amounts to be dispursed for services and any further amounts necessary to close escrow.
- Escrow can be somewhat intimidating but does not have to be.
Russell prefers to work with Shawn Aragon from West Coast escrow. Her contact information is: 818.398.7012 or email@example.com.
Russell Grether of Coldwell Banker Previews International is a real estate agent based out of Malibu, CA. He specializes in Malibu real estate, Malibu homes for sale, Malibu properties, Malibu Land, Malibu rentals and surrounding area real estate from Montecito to the Pacific Palisades. Contact him at 310.589.2471 or visit his website at www.malibuluxuryrealty.com