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Areté Estates: The Blogs

v. Katie Bentzen

By Katie Bentzen | Agent in Malibu, CA

What does an escrow officer do?

What exactly does an escrow officer do? In case you were wondering, because while many of us do eventually buy houses, very few of us understand the escrow process.
  • Open escrow, and, if instructed to do so, deposit your good faith funds in a separate escrow account. 
  • Order a title search to determine ownership and status of the subject real property. 
  • Issue a preliminary report and begin the process of eliminating the title exceptions you and your lender are not willing to take title subject to.
  •  Request payoff information for the Seller's loans, other liens, homeowner's association fees, etc.
  • Prorate fees, such as real property taxes, per the contract, and prepare the settlement statement
  • Set separate appointments allowing the Seller and you to sign documents and deposit funds
  • Review documents ensuring all conditions and legal requirements are fulfilled; request funds from lender
  • When all funds are deposited, record documents with the County Recorder's Office to transfer the subject real property to you
  • After the recordation is confirmed, close escrow and disburse funds, including Seller's proceeds, loan payoffs, etc.
  • Prepare and send final documents to all parties involved.

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