The Life of an Escrow tall begins withthe offer & acceptance skilfally nogaiatd by the realestate agonts representing Buyer and Sell The Buyer(s) > Tenders a writen offer to purchase (or acceps the Seller's counter offen) accompanied by a good faith deposit amount. > Applies for «new loan, completing all required forms ad often repaying certain {fees such as credit report and appraisal costs. > Approves and signs the escrow insirutions ad other elated instruments required 10 complete the tansetion. > Approves the preliminary report and any ‘property disclosure or inspection report called for by the purchase and sale agreement. Deposit Receipt) » Approves and signs new loan documents an falls any remaining conditions ‘contained inthe contact, lender's ntretions and/or the escrow instructions. > Deposits funds necessary to close the escrow. Approves any changes by signing amendments in the escrow instructions The Lende (WHEN APPLICABLE) > Accepts the new loan application and other related documents from the Buyerts) and begins the qualification process. > Orders and reviews the property appraisal, credit report, veification of employment, ‘verification of deposi(s),prefiminary report and other related information. > Submits the entire package to the oan committee andlor underwriters for approval ‘When approved, loan conditions and tite insurance requirements ar established > Informs Buyer(s) of loan approval terms, ‘commitment expiration date and provides a good faith estimate ofthe closing eos. > Deposits the new loan documents and instructions withthe eserow holder for yer’s approval and signature > Reviews and approves the executed loan package and coordinates the loan funding, With the escrow officer, The Escrow Officer > Receives an order for escrow and title Orders the preliminary report and ration on the subject property from (Chicago Tie > Acts asthe impanial “stakeholder” or depository, i a fiduciary capacity, forall documents and monies required ‘complete the transaction per writen ction ofthe principals > Propares the escrow instructions and required documents in accordance with terms ofthe sale > With autho ation from the realestate agent or principal, orders demands on existing deeds of tust and liens or judgments, if any. For assumption or subject to Toun, orders the beneficiary's statement or formal assumption package » Reviews documents received in the eserow: preliminary report, payoff or assumption Statements, new loan package and other related instruments. Reviews the conditions in the lender's instructions ineluding the hazard and tite insurance requirements. > Presens the document, statements, loan package(s), estimated closing statements and other related documents tothe prineipal(s) for approval and signature, and requests the balance of the b » Reviews the signed instructions and documents return the loan package and requests the lender's funds. > Receives the proceeds of the loan(s) from the lender). > Determines when the transaction will be in er’ funds the postion to close and advises the partes > Assisted by ttle personnel, records the deed, deed of wust and other documents required to complete the tansaetion with the County Recorder and orders the ttle Insurance policies > Closes the escrow by preparing the final setlement statements, disbursing the proceeds tothe Seller, paying off the ‘exiting encumbrances and other ‘obligation, Delivers the appropriate Statements, funds and remaining documents to the principals, agents and/or lenders ‘Agents rely onthe Escrow Officer’, coordination of documents, loans, ttle & Inspections to close the transaction on tim. The Seller(s) » Accepts Buyer's Offer to Purchase and initia good faith deposit to open escrow. > Submits documents and information to -serow holder, such as: addresses of lien holders tax receipts, equipment ‘warranties, home warranty contacts, any leases and/or renal agreements. >» Approves and signs the eserow instructions, ‘ant deed and other related documents required fo complete the transaction, > Orders inspections, receives clearances and approves final reports andor reps to the property as required by the terms of the purchase and sale agreement (Deposit Receipt. > Fulfils any remaining condition specified inthe contract and/or eserow instructions; approves the pay off demands andor beneficiary's statements > Approves any final changes by signing amendments tothe escrow instructions Chicago Title > Receives an onder for tite service > Examines the public records affecting the rel property and issues a preliminary report > Determines the requirements and documents needed to complete the transaction and advises the escrow officer and/or agents > Reviews and approves the signed ‘documents, releases and the order for title insurance, prior to the closing date > When authorized by the escrow officer, records the signed documents with the County Recorder's office and prepares t0 issue the tite insurance policies. 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