Washington Buyer and Seller Guide for Title and Escrow

Escrow is opened upon receipt of an executed Purchase and Sale Agreement. An escrow file number is assigned and the appropriate information is entered into the computer. Upon issuance of the escrow file number, the escrow officer will order a title commitment from the title company or title department. • The escrow officer will need some basic information in order to open and proceed with the escrow: • Correct street address, and parcel # • Sales price • Full names of all parties involved and marital status • Contact information for all parties, including email, phone numbers, and mailing addresses. • Existing lender name, loan number, contact information and approximate unpaid balance • HOA (Homeowner’s association) information, such as address and dues • HOA management company information (if any) • Commission amount and additional conditions In general, the first item to enter the escrow is the buyer’s initial deposit. The escrow file will grow, item by item, until all of the conditions have been met and the escrow is ready to close. • The Escrow Officer Will Also Need the Following From the Buyer’s Agent: • (see pg. 17 ID Affidavit - Why is Needed?) • New lender information and loan amount • Fire/hazard insurance information for new policy or existing policy The selection of the escrow holder is normally done by agreement between the parties to a transaction. Typically, the escrow is then opened by the real estate agent. Which agent (the “seller side” or the “buyer side”) will open the escrow is generally determined by local practice. 26 © Ticor Title Company OPENING ESCROW