WHAT EACH PARTY DOES IN THE ESCROW PROCESS

The Seller
• Deposits the executed deed to the buyer with the escrow holder.
• Deposits evidence of pest inspection and any required repair work, per the
purchase and sale agreement.
• Deposits required documents such as addresses of mortgage holders.
   
The Buyer
• Deposits the funds required, in addition to any borrowed funds, to pay the purchase price with the escrow holder.
• Deposits funds sufficient for home and title insurance.
• Approves any inspection reports, title insurance commitments, etc. called for by the purchase and sale agreement.
• Fulfills any other conditions specified in the escrow instructions.
   
The Lender (if applicable)
• Deposits proceeds of the loan to the purchaser.
• Directs the escrow holder on the conditions under which the loan funds may be used.
   
The Escrow Holder
• Opens the order for title insurance.
• Obtains approvals from the buyer on title insurance report, pest and other inspections.
• Receives funds from the buyer and/or any lender.
• Prorates insurance, taxes, rents, etc.
• Disburses funds for title insurance, recording fees, real estate commissions, lien clearance, etc.
• Prepares a final statement for each party, indicating amounts to be disbursed for services and any further amounts necessary to close escrow.
• Records deed and loan documents, delivers the deed to the buyer, loan documents to the lender and funds to the seller, closing the escrow

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