What the Escrow Officer Does

The escrow officer does...

• serve as the communication link to all parties in the transaction.
• prepare escrow instructions.
• request a preliminary title search to determine the basis upon which a title insurance policy may be issued.
• request a beneficiary's statement or pay-off demand relating to existing financing.
• comply with lender's requirements, specified in escrow agreement.
• receive purchase funds from the buyer.
• prepare or secure the deed or other documents related to escrow.
• prorate taxes, interest, insurance and rents according to instructions.
• secure releases of all contingencies or other conditions as imposed on any particular escrow.
• record deeds and any other documents as instructed.
• request issuance of the title insurance policy.
• close escrow when all of the instructions of buyer and seller have been carried out.
• disburse funds as authorized by instructions, including charges for title insurance, recording fees, real estate commissions and loan payoffs.
• prepare final statements for the parties accounting for the disposition of all funds deposited in escrow.

The escrow officer does not...

• offer legal advice.
• negotiate the transaction.
• offer investment advice.