THE HOME SALE PROCESS
The Escrow Home Sale Process:
1. Draw escrow instructions according to your agreement.
2. Order a preliminary title report (“open an order”) for the property being
sold. This report reveals liens of record on the property and is our guideline
to assure that title is conveyed with only the liens the buyer agrees to accept.
3. Order Statement/Demands from the Lender of record, Homeowner's Association
or any other lien holder that affects the title to the property.
4. Bills for termite inspection, the home warranty plan, hazard reports, repairs,
etc. are collected for payment through escrow. City reports, if applicable, are
5. As soon as the loan documents are delivered, we will estimate the closing
costs and call the buyer's Realtor to arrange for an appointment to sign the loan
documents and bring in the closing funds. (Some lenders will give us their charges
verbally prior to sending documents to us ... if so, we get a head start on the
6. After buyer has signed all loan documents, they are sent to the lender with
a request that the loan be funded. YOUR ESCROW HAS NOT YET CLOSED. DEPOSITING
CLOSING FUNDS INTO ESCROW DOES NOT CLOSE THE ESCROW... RECORDING THE DEED CLOSES
7. When the buyer's new loan has been approved, we order the evidence of insurance
from the buyer's insurance agent. It is needed prior to the funding of the loan.
8. Lenders have different time schedules ... some fund locally and need only
a few hours notice to fund and others will need a full day's notice. Some lenders
fund out of the county or are funded by another agency and need as much as 2 days
notice from the time they receive the signed documents back in their office.
9. After a lender verifies that they are in a position to release the loan
funds, we call the title company to "set-up" the recording. Recordings
are done in Los Angeles County at 8:00 a.m. The title company will re-check the
county records the night prior to recording to ensure that no new liens have been
recorded since the preliminary title report was issued. On occasion, a new lien
will appear and the recording will be "pulled" until a clearance of
the new lien can be obtained. The title company will call escrow to confirm recording
and give their charges. We then balance the funds of the escrow, type closing
statements and disburse funds. Escrow is now closed
For more information on the escrow process, please download the following documents in .pdf format:
Life of an Escrow
What is Escrow?
What to Expect in Escrow
If you don't have Adobe Acrobat reader installed on your computer,
you can download it here.