Washington Buyer and Seller Guide for Title and Escrow

• Escrow Duties 1. The Escrow Officer’s duties typically include the following: 2. Receive signed Purchase Agreement; prepare Escrow Instructions 3. Receive and deposit buyer’s earnest money into an escrow account 4. Serve as the neutral agent and liaison/communication link to all parties to the transaction 5. Order Title Commitment to determine status of title to property 6. Request beneficiary’s statement or pay-off demand related to existing financing 7. Comply with lender’s requirements as specified in the lender’s closing instructions 8. Secure releases of all escrow contingencies or other conditions required 9. Prorate taxes, interest, insurance and rents 10. Prepare or secure the transfer deed or other documents necessary to consummate the transaction 11. Arrange appointments for buyer/seller to sign documents 12. Request and receive purchase funds from the buyer and loan funds from new lender 13. Close escrow pursuant to instructions provided by seller, buyer, and lender. 14. Arrange for recording of deeds and any other documents as instructed 15. Request issuance of the title insurance policies 16. Disburse funds as authorized, including charges for title insurance, recording fees, commissions and loan payoffs 17. Disposition of all funds held in escrow account 18. Prepare final accounting statements for the parties • Communication Tips for Escrow • When calling the escrow officer, have the escrow number and buyer/seller’s names handy. • Keep the escrow officer informed on any matters that may affect the transaction. • Direct your questions to the proper representative, such as: • Real Estate Agent: Physical aspects of property, conflicts, and terms of sale. • Lender: Loan terms, credit report issues, etc. • Escrow Officer: Escrow instructions, documents and forms to be filled out. 23 THE ESCROW PROCESS