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Let's visit what the escrow officers in my branch do for you and your clients.Escrow Procedures on a Typical Resale Transaction
a. Opens escrow and orders preliminary report from title departmentb. Receipts in initial buyers deposit to escrow and sends copies of receipt for deposit to both agents and new lender/loan agentc. Sends agents or clients "So you're buying" and So you're selling" brochuresd. Reviews all title issues upon receipt of preliminary reporte. Arranges to have preliminary report sent to sellers and buyers agents and loan agentf. Sends statements of identity to seller / buyer as neededg. Orders payoff demands on all existing deeds of trust and liens as neededh. Clears all title issues as needed - Examples Affidavit - Death of Joint Tenant Interspousali. Transfer Deed and Instructions from Spousej. Orders Confirming Sale Independent Administration Actk. Releases of Internal Revenue Service Liensl. Releases of State of California / Franchise Tax Board Liensm. Releases of Abstracts of JudgmentReleases of Child Support / Alimony Support Judgmentsthrough the District Attorneys Office or through Attorneys for Respondent / Defendantn.Releases of Postponed Property Taxeso. Releases of Delinquent Property Taxesp. Receipts into escrow all inspections / billings affecting property - ExamplesTermite Inspection / Termite CertificationRoof Inspection / Roof CertificationStructural /Physical Inspection / Pool Inspectionq. Arranges for home warranty billing / contract to be deposited to escrowr. Assists loan broker / lender with obtaining all information needed from escrow holder prior to drawing of loan documentations. Communicates with fire / hazard insurance agent and arranges to have insurance coverage and billing deposited into escrowt. Communicates with listing / selling agents with progress reports as neededu. Arranges for pick up / federal express of loan documentsv. Verifies final terms with listing / selling agentsw. Draws sellers and buyers escrow instructions and closing documentationx. Makes sure we have complied with all Cal-Firpta and Firpta requirementsy. Sets up appointments for signature of sellers and buyers escrow instructions with agents]z. Signs off sellers and buyers
1. Sends request for loan funds documentation to new lender (s)2. Prepares recording voucher for County recorders office3. Prepares request for Owners and Lenders policies of title insurance4. Sends documents to record to County recorders office5. Arranges for wiring / pickup of lenders and buyers funds6. Advises both listing and selling agents that loan has funded and has been released for recording7. Upon meeting all requirements and receipt of all funds, releases file to record with County recorder's office8. Upon confirmation of recording disburses all funds in file to proper parties9. Advises sellers and buyers agents we have closed their transaction10. Prepares final HUD-1 closing statement11. Delivers broker, buyers and sellers checks as per instructions12. Sends via federal express all loan payoffs13. Sends closing letters to all parties in connection with the escrow14. Prepares 1099's for Internal Revenue Service15. Completes internal documentation in file16. Forwards policies of title insurance to proper parties17. Calendars / monitors any and all "funds held" items18. Upon release of all "funds held" and completion of all internal functions the escrow file will be sent to storage for safe keepingWhen you open your next escrow, give us a try, and let us show you why your business,should be our business! Think First, Think First American!
Very well written article.You did a good job.I read your article. Yes you are right.Escrow have the bunch of work and responsibilities on their shoulders.Thanks for the article. digital signatures
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Very well written article.You did a good job.I read your article. Yes you are right.Escrow have the bunch of work and responsibilities on their shoulders.Thanks for the article.
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