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Broker
calls or appears in person
to give info needed to open
escrow.
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Prepare
escrow instructions and pertinent documents; mail or
deliver to all parties.
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Escrow
orders
title search
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Process
Financing
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Existing
Financing
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OR
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New
Financing
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Receive
and review preliminary title report
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Request
beneficiary statement and/or assumption
paperwork
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Borrower
makes new loan application
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Escrow
researches any liens, judgments, etc. in the
title report, in addition to loans of record.
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Review
terms
of transfer and
current loan
status
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Escrow
checks with
lender periodically to
coordinate loan status
& escrow status
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Escrow
orders and
reviews demands
for payoff
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Determine
whether lender's
prior approval is
required for transfer
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Escrow
obtains terms of loan approval
and requests new loan documents
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Escrow
audits the escrow file to determine that all
conditions have been met and that all
documents are drawn properly and
available for Borrower's signature
(i.e. any contingencies are released;
termite inspection and completion are
ordered, if required; fire insurance policy
is ordered; any required grant deeds and
notes, bills of sale, etc. are in order)
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Escrow
"pre-figures" the file to determine either
the approx. amount of proceeds, or the amount of
money required to be deposited to close escrow
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Escrow
contacts Borrower for appt. to sign and deposit
funds, if required
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Forward
documents to be recorded to title company
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Return
signed loan documents to lender with
written request for loan funds
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Title
officer reviews
documents and "dates down" the file
in
preparation for recording
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When
all conditions are
satisfied, escrow requests
loan funds from the
lender
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Underwriter
/ funder
reviews the loan file
and gives "OK" for
funding
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Documents
record at escrow's request; loan proceeds are
disbursed to escrow; payoffs made
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New
loan funds
are sent
to the
title company
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Escrow
authorizes title to record documents
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Escrow
prepares final settlement statements and disburses
funds, forwarding final closing documents to all
parties
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