2 life of an escrow flow chart
TRANSCRIPT
![Page 1: 2 Life of an Escrow Flow Chart](https://reader035.vdocuments.net/reader035/viewer/2022081717/5540a00155034612718b4b09/html5/thumbnails/1.jpg)
Prepare escrow instruction
and pertinent documents
Obtain signatures
Request
Beneficiary Statement
Order title search
Receive and review
preliminary report
Buyer to apply
for new loan
Provide lender with escrow
instructions
Request beneficiary statement and
enter into file... review terms of
transfer and current payment status
(is prior approval necessary to record?)
Provide new lender with certified
copy of reciepts for buyers deposit
and estimated HUD-1
Review file to determine that all conditions have been met and that all documents are correct and available for signature
(pest inspection, contingencies released, fire insurance ordered, additional documents,
Second Deed of Trust, Etc... have been prepared.)
Order Demands (if any),
request clarification of other liens
(if any) and review taxes on report
Receive demands and
enter into file
Order Homeowner Association
demand and documentsLender notifies escrow of loan
approval/conditions and
loan documents are ordered
Figure file and request signatures on all remaining documents
Request loan fundsObtain funds from Seller, (if any) Obtain funds from Buyer
Receive lender funds
Order recording
Closing file: prepare statements and disburse funds
Complete closing and forward final documents to all interested parties...
Buyer, Seller, Lender and Brokers, (if any).
LifeESCROWof an
Courtesy of...
First Arizonaitle Agency
First Arizonaitle Agency