Washington Buyer and Seller Guide for Title and Escrow

• The Escrow Officer • Receives an order for escrow and title services. • Orders the title commitment and examination on the subject property from Ticor Title. • Acts as the impartial “stakeholder” or depository, in a fiduciary capacity, for all documents and monies required to complete the transaction per written instructions of the principals. • Prepares the escrow instructions and required documents in accordance with terms of the sale. • With authorization from the real estate agent or principal, orders demands on existing deeds of trust and liens or judgments, if any. For assumption or subject to loan, orders the beneficiary’s statement or formal assumption package. • Reviews documents received in the escrow: title commitment, payoff or assumption statements, new loan package and other related instruments. Reviews the conditions in the lender’s instructions including the hazard and title insurance requirements. • Presents the documents, statements, loan package(s), estimated closing statement and other related documents to the principal(s) for approval and signature/s, and requests the balance of the buyer’s funds. • Reviews the signed instructions and documents, returns the loan package and requests the lender’s funds. • Receives the proceeds of the loan(s) from the lender(s). • Determines when the transaction will be in the position to close and advises the parties. • Assisted by Title personnel, records the deed, deed of trust and other documents required to complete the transaction with the County Recorder and orders the title insurance policies. • Closes the escrow by preparing the final settlement statements, disbursing the proceeds to the Seller, paying off the existing encumbrances and other obligations. • Delivers the appropriate statements, funds and remaining document to the principals, agents and/or lenders. • The Seller(s) • Accepts Buyer’s Offer to Purchase and initial good faith deposit to open escrow. • Submits documents and information to escrow holder, such as: addresses of Lien holders, tax receipts, equipment warranties, home warranty contracts, any leases and/or rental agreements. • Approves and signs the escrow instructions, conveyance deed and other related document required to complete the transaction. • Orders inspections, receives clearance, and approves final reports and/or repairs to the property as required by the terms of the purchase and sale agreement (Deposit Receipt). • Fulfills any remaining conditions specified in the contract and/or escrow instructions; approves the payoff demands and/or beneficiary’s statements. • Approves any final changes by signing amendments to the escrow instructions or contract. • Requests the Title Company to examine the public records affecting the real property and issue a title commitment. Determines the requirements and documents needed to complete the transaction and advises the escrow officer and/or agents. • Reviews and approves the signed documents, releases and the order for title insurance, prior to the closing date. • When authorized by the escrow officer, records the signed documents with the County Recorder’s office and prepares to issue the title insurance policies. 25 THE LIFE OF AN ESCROW