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What
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 the escrow agreement.
- Receive
purchase funds from the buyer.
- Prepare
and secure the deed or other documents related to escrow.
- Prorate
taxes, interest, insurance and rents according to instructions.
- Secure
releases of all contincencies or other contiditions 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 the instructions of the buyer and seller have
been carried out.
- Disburse
funds as authorized by insurance, 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.
What
the Escrow Officer does NOT DO...
- Offer
legal advice.
- Negotiate
the transaction.
- Offer
investment advice.
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