The life of a typical escrow in basic outline: Escrow instructions are prepared along with other pertinent documents, and signatures are obtained. Title search is ordered, a preliminary title report is received and sent out for review and approval by all parties. Demands for payoff are ordered on existing money liens, and clarification requested on tax liens and other liens. While the escrow officer is processing the file, the lender for the buyer is also processing the loan application. If the buyer is assuming the existing loan, the escrow officer requests a beneficiary statement , forwards to buyer for review and approval, and requests loan documents for transfer or for the new loan.

Once documents are received, the file is “figured” and reviewed to determine that all conditions have been met, and all documents have been properly prepared. Funds are obtained from the buyer, signatures on loan documents are obtained, loan funds are requested and received, and recording is ordered from title company.

There are, of course, many other occurrences in the life of an escrow, and each one is unique unto itself, because it involves totally unique circumstances and individuals.