LIFE OF AN ESCROW |
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| BUYER SELECTS A REALTOR |
SELLER SELECTS A REALTOR |
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| BUYER PRE-APPROVED BY LENDER IF NEW LOAN NEEDED |
SELLER PREPARES HOUSE FOR SHOWING AND SELLING |
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| BUYER VIEWS HOMES |
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BUYER SELECTS HOME AND SUBMITS CONTRACT |
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SELLER REVIEWS AND ACCEPTS CONTRACT FROM BUYER |
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| PRELIMINARY TITLE REPORT RECEIVED & APPROVED BY BUYER |
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VARIOUS INSPECTIONS ORDERED |
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ESCROW IS OPENED AT ESCROW COMPANY |
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| INSPECTION REPORTS SENT TO APPLICABLE PARTIES AND APPROVED |
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APPRAISAL ORDERED BY AND COMPLETED FOR LENDER |
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BUYER ADVISES ESCROW COMPANY OF HOME INSURANCE COMPANY |
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| CLOSING DOCUMENTS COMPILED BY ESCROW COMPANY |
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LOAN DOCUMENTS PREPARED BY LENDER AND SENT TO ESCROW COMPANY |
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BUYERS RECEIVES FINAL LOAN APPROVAL FROM LENDER |
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BUYER & SELLER SIGN DOCUMENTS |
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BUYER DEPOSITS REQUIRED FUNDS |
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LOAN DOCUMENTS RETURNED TO LENDER FOR REVIEW |
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| DOCUMENTS RECORDED AND ESCROW CLOSED |
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LENDER “FUNDS LOAN” (WIRES FUNDS TO ESCROW COMPANY) |
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ESCROW COMPANY ENSURES ALL CONTRACT CONDITIONS MET |
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| AFTER RECORDING CONFIRMED, ESCROW COMPANY DISBURSES FUNDS |
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BUYER RECEIVES KEYS PER CONTRACT |
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FINAL DOCUMENTS SENT TO INTEREST PARTIES |
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