Escrow is an arrangement in which a neutral third party (escrow agent) takes instruction from buyer and seller to process documentation and handle funds in the real estate transactions. The chart below is meant to be a general overview of the process. Individual transaction steps may vary.
1) Instructions to open escrow
2) Intro Seller Buyer/Borrower Contact
3) Title Insurance
4) Process File and Clear Title
5) Status Updates
6) Prepare Legal Documents
7) Confirm Closing Dates
8) Estimated Settlement Statement
9) Signing Appointments
10) Final Lender Review and Funding
11) Record and Disburse Funds
12) Successful Closing!
Download the 12-Steps to Closing Escrow Process Flyer here, and below!