BLUEPRINT OF AN ESCROW
	PHASE 1
	ß
	Prepare Escrow instructions
	and Required Documents
	ß
	Escrow is “Opened” when ALL
	signed instructions are returned
	to escrow
	ß
	PHASE 2
Order Title Search	Process Financing
ß	ß	ß
Receive & Review the
Preliminary Report	Request Beneficiary Statement	Lender will require a
ß	ß	certified copy of all escrow
Request Demand(s),	Receive & Review beneficiary	instructions and preliminary
& request clarification of	statement(s). Review terms	title report
other liens (if any)	of transfer & current payment	ß
ß	status.  Is Lender’s approval	Upon receipt of loan
Receive and Review Demands	required prior to recording?	approval, compare the
(if a prepayment penalty is	Do these figures compare with	terms with the escrow
called for – do your escrow	the escrow instructions?	instructions.
instructions provide for
the payment of same?)
Þ	ß	Ü
	PHASE 3
	ß
	Review file to determine that all instructions have been followed
	(All required documents signed, termite inspections, contingencies
	released, fire insurance ordered, note(s) and deeds of trust
	executed, bill of sale, etc.)
	ß
	Prepare estimated settlement statement and request the
	balance of funds required from  buyer and/or seller and
	obtain final signatures on any documents if required.
	ß
	PHASE 4
	ß
Forward documents to	Obtain funds	Return loan documents
title company	requested in Phase 3	to lender
	ß
	Request lender’s
	loan funds
	ß
	Authorize recording
	with the title company
	ß
	PHASE 5
	ß
	Close file preparing buyers and sellers
	closing statements and disburse funds
	ß
	Complete closing by forwarding final
	documents to all interested parties (Buyer-Seller-Lender-Agent)