Life of an Escrow

Step 1. Signed contract provided to Buyer’s Lender – Buyer receives loan estimate from Lender

Step 2. Escrow opened & title commitment issued – the commitment is based on a search of the public records & includes a chain of ownership

Step 3. Flying S works to remove lien & encumbrances listed on Title Commitment to provide “clear title”

Step 4. Inspections & appraisals ordered – inspection reports sent to applicable parties & appraisal sent to Lender for review

Step 5. Buyer receives closing disclosure from Lender 3 days prior to closing or consummation

Step 6. Loan documents & instructions delivered to Flying S

Step 7. Escrow closing documents compiled by Flying S

Step 8. Appointments set for both Buyer & Seller

Step 9. The Closing: Loan & escrow documents signed by Buyer with assistance from Escrow Officer

Step 10. The Closing: Buyer deposits required “good funds” with Flying S

Step 11. The Closing: Seller signs required documents for transfer of property

Step 12. Loan documents returned to Lender for review & approval

Step 13. Lender “funds loan” (sends loan proceeds to escrow) & gives authorization to record

Step 14. Flying S records documents – after recording confirmed funds are disbursed