What the Escrow Officer Does
The escrow officer does…
- serve as the communication link to all parties in the transaction.
- prepare escrow instructions.
- request a preliminary title search to determine the basis upon which a title insurance policy may be issued.
- request a beneficiary’s statement or pay-off demand relating to existing financing.
- comply with lender’s requirements, specified in escrow agreement.
- receive purchase funds from the buyer.
- prepare or secure the deed or other documents related to escrow.
- prorate taxes, interest, insurance and rents according to instructions.
- secure releases of all contingencies or other conditions as imposed on any particular escrow.
- record deeds and any other documents as instructed.
- request issuance of the title insurance policy.
- close escrow when all of the instructions of buyer and seller have been carried out.
- disburse funds as authorized by instructions, including charges for title insurance, recording fees, real estate commissions and loan payoffs.
- prepare final statements for the parties accounting for the disposition of all funds deposited in escrow.
The escrow officer does not…
- offer legal advice.
- negotiate the transaction.
- offer investment advice.
Reference: https://www.ceaescrow.org/
