Escrow from Start to Finish:
Escrow can seem like a complicated process, and although some transactions are more difficult than others, here is a quick rundown of what happens from Purchase & Sale Agreement to recording:
Purchase & Sale Agreement and Earnest Money are received into escrow:
* The transaction is set up with escrow and assigned an escrow number.
*Earnest Money funds are deposited (invested into an Interest Bearing Account, if applicable) and a receipt is sent to the brokers.
Escrow Closer and Assistants continue to work up the file:
* An introductory letter is sent to the buyer & seller.
* Contact is established with buyers lender.
* Title is ordered and issues (if any) are cleared.
As the Date of Closing Approaches:
* Parties will be contacted to schedule their signing appointment (a buyer’s appointment typically takes 60 – 90 minutes – the seller will take 15 – 30 minutes)
* The buyer will be contacted with dollar amount they need to bring to signing (if any)
– Funds can be in the form of a Cashier’s Check or wired to Chicago Escrow.
– Valid ID must be brought to signing.
* Parties will sign the documents in front of a notary.
Once Buyer and Seller have signed their Documents:
* Lender documents will be sent back to lender for review (if required)
* Lender will contact escrow closer to “release to record”
* Escrow closer/assistant will record new Deed and Deed of Trust.
* King County Recorders Office will issue recording numbers.
Deed and Deed of Trust gets recorded at King County Recorders Office:
* Escrow closer/assistant will contact all parties to congratulate them on a closed transaction.
* Escrow closer will forward seller’s proceeds according to instruction.
* Escrow closer will forward commission checks to the Brokers.
Buyer typically gets their keys from the Selling Agent once recording numbers are available