The Life of Your Title and Escrow Transaction

Before your clients receive the keys to their new home, your title and escrow partner carries out many steps behind the scenes to ensure that the transaction and closing goes smoothly. The following example illustrates what you can expect from the beginning to the end of a typical title and escrow transaction.

Buyer and seller sign the Purchase and Sale Agreement.

Escrow is opened with the title and escrow company and the earnest money is deposited.

Title is opened. The title officer completes the search; examines title; prepares the title commitment; reviews and sends the title commitment to the appropriate parties.

Escrow receives and reviews the title commitment to clear title (obtains payoffs, etc.).

Title provides any additional document copies and provides assistance to escrow in title clearance as needed.

Escrow receives the loan package from lender (if applicable); prepares closing documents and settlement statements and provides documents to all parties to review.

Escrow schedules closing with appropriate parties and conducts the signings with the buyer and seller.

Escrow delivers the executed loan package back to the lender (if applicable). Lender reviews, approves and orders the funding.

Escrow receives funds and instructions to record documents.

Title receives recording package from escrow. Title reviews all recording documents and dates down the title commitment. Title records the necessary documents when given the OK to record.

Escrow disburses the transaction in accordance with instructions and the settlement statement.

Transaction is complete! Title issues the appropriate title policies for the transaction.

If you have questions about your particular transaction or closing, contact your local Alliance Title representative.

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