Washington Buyer and Seller Guide for Title and Escrow

24 © Ticor Title Company • The Buyer(s) • Tenders a written offer to purchase (or accepts the Seller’s counter-offer) accompanied by a good faith deposit amount. • Applies for a new loan, completing all required forms and often prepaying certain fees such as credit report and appraisal costs. Approves and signs the escrow instructions and other related instruments required to complete the transaction. • Approves the title commitment and any property disclosure or inspection report called for by the purchase and sale agreement. (Deposit Receipt) • Approves and signs new loan documents and fulfills any remaining condition contained in the contract, lender’s instructions and/or the escrow instructions. • Deposits funds necessary to close the escrow. Approves any changes by signing amendments in the escrow instructions. • The Lender (When applicable) • Accepts the new loan application and other related documents from the Buyer(s) and begins the qualification process. • Orders and reviews the property appraisal, credit report, verification of employment, verification of deposit(s), title commitment and other related information. • Submits the entire package to the loan committee and/or underwriters for approval. When approved, loan conditions and title insurance requirements are established. • Provide a Loan Estimate/Closing Disclosure Form describing terms of loan and applicable closing costs. • Deposits the new loan documents and instructions with the escrow holder for Buyer’s approval and signature. • Reviews and approves the executed loan package and coordinates the loan funding with the escrow officer. It all begins with the offer and acceptance skillfully negotiated by the real estate agents representing Buyer and Seller. THE LIFE OF AN ESCROW