Real Estate Closing
N/AOUTCOME:
For 6 years, I managed and operated a full service escrow company to facilitate closings on behalf of the Realtor, Seller, and Buyer during the real estate transaction in a timely and ethical fashion, ... acting as a neutral third party between buyer and seller in the real estate purchase transaction at all times. My and responsibilities were as follows: Receive and hold buyer’s funds in a non interest paying trust account during escrow. Read and comply with all agreements as detailed in the Purchase Contract and Joint Escrow Instructions as it pertains to the escrow process. Follow mutually signed, written instructions agreed upon by buyer and seller during escrow. Prepare Escrow Instructions/General Provisions, Amendments, Grant Deed (for seller’s signature), Estimated Closing Statement and any additional documents required to clear title or as required by the new lender. Make sure escrow is in receipt of buyer and seller signatures on Purchase Agreement and Joint Escrow Instructions, Escrow Instructions/General Provisions, Grant Deed, any Amendments, Estimated Closing Statements and any other documents required during escrow. Order the evidence of insurance from the buyer insurance agent as per the requirement of the new lender. Send the signed loan documents and all lender required items to the new lender for funding. Send original recordable documents along with any releases required to clear title to the title company for recording at the close of escrow. Make sure that escrow is in receipt of all funds necessary to pay the seller their proceeds as well as all invoices agreed upon by buyer and seller during escrow. Make sure the seller has sufficient equity in the property to cover all costs, payoff of liens and any invoices agreed upon by buyer and seller during the escrow. Make sure that all the proper paperwork is in escrow to provide the buyer with clear title to the property.
