What Happens At First American ?
During the escrow period , our title department begins researching and examining all historical records pertaining to the subject property . Barring any unusual circumstances , a commitment for title insurance is issued , which indicates a clear title or lists any items which must be cleared prior to closing . The commitment is sent to you for review .
Consider This
One escrow transaction could involve over twenty individuals including real estate agents , buyers , sellers , attorneys , escrow officer , escrow assistant , appraiser , title officer , loan officer , loan processor , loan underwriter , home inspector , termite inspector , insurance agent , home warranty representative , contractor , roofer , plumber , pool service , and so on . In addition , often times one transaction may also depend on the successful close of another sale .
When you consider the number of people involved , you can imagine the opportunities for challenges , miscommunications and delays .
Your transaction may include the following steps :
OPEN escrow and deliver earnest money deposit to be held in a separate escrow account .
CONDUCT a title search to determine ownership and status of the subject property .
ISSUE a Title Commitment and begin the process to delete or record items to provide clear title to the property .
If applicable , REQUEST payoff information for the seller ’ s loans , other liens , homeowners association fees , etc .
PRORATE FEES , if applicable , and prepare the Settlement Statement .
SET separate appointments for buyer and seller in order to sign documents and deposit funds ( if applicable ).
REVIEW documents to confirm that all conditions and legal requirements are fulfilled ; request funds from lender .
When all funds are deposited , RECORD documents at the County Recorder to transfer the subject property to you .
After recordation is confirmed , CLOSE escrow and disburse funds , including seller ’ s proceeds , loan payoffs , real estate agent ’ s commission , related fees for recording , etc .
PREPARE and send final documents and accounting to parties involved .