What Does My Escrow Officer Do For Me and My Clients?
 
Escrow Procedures on a Typical Resale Transaction

 

         Opens escrow and orders preliminary report from title department
        
Receipts in initial buyers deposit to escrow and sends copies of receipt for
      deposit to both agents and new lender/loan agent

        
Send agents or clients "So you're buying" and So you're selling" brochures
        
Review all title issues upon receipt of preliminary report
        
Arrange to have preliminary report sent to sellers and buyers agents
      and loan agent / new lender

        
Sends statements of identity to seller / buyer as needed
        
Orders payoff demands on all existing deeds of trust and liens as needed
        
Clears all title issues as needed - Examples

Affidavit - Death of Joint Tenant
Inter-spousal Transfer Deed and Instructions from Spouse
Orders Confirming Sale
Independent Administration Act
Releases of Internal Revenue Service Liens
Releases of State of California / Franchise Tax Board Liens
Releases of Abstracts of Judgment
Releases of Child Support / Alimony Support Judgments through the District
Attorneys Office or through Attorneys for Respondent / Defendant
Releases of Postponed Property Taxes
Releases of Delinquent Property Taxes

        
Receipts into escrow all inspections / billings affecting property - Examples

Termite Inspection / Termite Certification
Roof Inspection / Roof Certification
Structural / Physical Inspection
Pool Inspection

        
Arranges for home warranty billing / contract to be deposited to escrow
        
Assists loan broker / lender with obtaining all information needed from
      escrow holder prior to drawing of loan documentation

        
Communicates with fire / hazard insurance agent and arranges to have
      insurance  coverage and billing deposited into escrow

        
Communicates with listing / selling agents with progress reports as needed
        
Arranges for pick up / federal express of loan documents
        
Verifies final terms with listing / selling agents
        
Draw sellers and buyers escrow instructions and closing documentation
        
Makes sure we have complied with all Cal-Firpta and Firpta requirements
        
Sets up appointments for signature of sellers and buyers escrow instructions
      with agents

        
Signs off sellers and buyers
        
Sends request for loan funds documentation to new lender (s)
        
Prepares recording voucher for County recorders office
        
Prepares request for Owners and Lenders policies of title insurance
        
Sends documents to record to County recorders office
        
Arranges for wiring / pickup of lenders and buyers funds
        
Advises both listing and selling agents that loan has funded and has been
      released for recording

        
Upon meeting all requirements and receipt of all funds, releases file to record
      with County  recorder's office

        
Upon confirmation of recording disburses all funds in file to proper parties
        
Advises sellers and buyers agents we have closed their transaction
        
Prepares final HUD-1 closing statement
        
Delivers broker, buyers and sellers checks as per instructions
        
Sends via federal express all loan payoffs
        
Sends closing letters to all parties in connection with the escrow
        
Prepares 1099's for Internal Revenue Service
        
Completes internal documentation in file
        
Forwards policies of title insurance to proper parties
        
Calendars / monitors any and all "funds held" items
         Upon release of all "funds held" and completion of all internal functions
      the escrow file will be sent to storage for safe keeping

   When you open your next escrow, give us a try, and let us show you why your business,
should be our business!

Placer Title Company - The People That Care!