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This portion of today’s workshop is presented by:

This portion of today’s workshop is presented by: . Janette Dominguez Escrow Officer – Servicio en Español Title Security Agency 6875 N. Oracle Rd., Suite 105 Tucson AZ 85704 (520) 297-2576 Ext 1006. The Process of an Escrow. Open Escrow Processing The Escrow Title Examination

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This portion of today’s workshop is presented by:

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  1. This portion of today’s workshop is presented by: Janette Dominguez Escrow Officer – Servicio en Español Title Security Agency 6875 N. Oracle Rd., Suite 105 Tucson AZ 85704 (520) 297-2576 Ext 1006

  2. The Process of an Escrow • Open Escrow • Processing The Escrow • Title Examination • Escrow Closing Preparation • Execution Of Documents • Lender Funds • Recordation • Disbursement Of Funds • Policies Issued

  3. Fully executed purchase contract Earnest money check Copy of listing New lender information (LSR) Buyer/seller contact information Buyers’ marital status 1. Opening Escrow Items Needed To Open Escrow

  4. 2. Processing The Escrow • Escrow deposits earnest money check • Escrow orders Preliminary Title Report from title department • Escrow mails out buyer and seller information packages • Escrow request payoff or assumption information • Escrow request homeowners association information

  5. 3. Title Examination • Property is searched • Property and parties are researched by the Title Examiner • Preliminary Title Report is typed and sent to Escrow Officer, Agents, Lender, Sellers & Buyers

  6. Termite Report Buyer’s Hazard Insurance Payoff Information Repair Bills Home Protection Plan New Loan or Assumption Docs Commission Instructions Warranties 4. Escrow Closing Preparation • Preliminary Title Report received by Escrow Officer and is reviewed for any surprises, I.e. tax liens, judgments, unknown liens of record, discrepancies in legal description, delinquent taxes, access problems, etc. • Escrow advises Agents if additional information is needed to clear any surprises revealed by the Preliminary Title Report • Escrow follows-up on receipt of the following if needed, per Purchase Contract:

  7. 4. Escrow Closing Preparation • Time for closing-loan docs are received and Escrow Officer ‘works’ the file to reflect closing figures and advises agents of funds (if any) that are needed for closing • Closing appointment times are set for Seller and Buyer with Escrow Officer • Advise Buyer to bring in a CASHIER’S CHECK (according to the banking commission, official checks are NOT the same as Cashiers Checks) or wire funds for closing • Advise Seller that pursuant to the Purchase Contract, they shall supply escrow with their Social Security No.

  8. 5. Execution of Documents • Separate appointment are set for Buyers and Sellers • Buyer and Seller meet with Escrow Officer and execute all documents

  9. 6. Lenders Funds • After all parties have executed the necessary documents, escrow returns loan package to new lender for review and funding • Lender funds the loan and lenders wired funds are sent to escrow for processing

  10. 7. Recordation • After escrow receives all funds needed and have ascertained that all funds are “Collected”, original documents are sent to the Recorder’s office for recordation • One documents are recorded, escrow notifies Agents

  11. 8. Disbursement of Funds • All Disbursements are made in accordance with the Settlement Statement • Payoff funds are generated • Proceeds checks/wires are completed • Commission checks are distributed • Service providers are paid

  12. 9. Policies Issued • Purchaser receives an Owner’s Title Insurance Policy • New Lender receives an ALTA Loan Policy

  13. This portion of today’s workshop has been presented by: Janette Dominguez Escrow Officer – Servicio en Español Title Security Agency 6875 N. Oracle Rd., Suite 105 Tucson AZ 85704 (520) 297-2576 Ext. 1006

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