What is Escrow?

Escrow is the process of having a neutral party manage the exchange of money for real property.

The escrow holder is known as an escrow settlement officer or agent.

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Key Professionals in The Escrow Process

Escrow Officer Responsibilities

1. Upon receipt of order and earnest money deposit, orders title examination

2. Requests necessary information from buyer and seller via opening packages

3. Reviews Preliminary Title Report

4. Upon receipt of opening packages, orders demands for payoffs. Contacts buyer and seller when additional information is required for the preliminary report.

5. Demands, invoices, and fees must be collected and sent to lender at least 10 days prior to loan consummation

6. Coordinates with lender on the preparations of the CD

7. Reviews all documents, demands, and instructions and prepares settlement statement with all received documents

8. Schedules signing appointments and informs buyer funds are due at settlement

9. Once loan is consummated, sends signed package to lender for review

10. Prepares documents for recording

11. Documents are recorded and funds are disbursed.

12. Issues final settlement statement

Buyer responsibilities  

1. Chooses a Real Estate Agent

2. Gets pre-approval letter from lender and provides to real estate agent

3. Makes offer to purchase. Upon acceptance, opens escrow and deposits earnest money

4. Finalizes loan application with lender and receives loan estimate

5. Completes & returns documents to escrow

6. Schedules inspections and evaluates findings

7. Reviews title commitment/preliminary report

8. Buyer provides all requested paperwork to lender. All invoices and final approvals should be to the lender no later than 10 days prior to loan consummation

9. Lender prepares a CD and delivers to buyer, at least 3 days prior to loan consummation

10. Escrow officer contacts buyer to schedule signing

11. Buyer consummates loan, executes settlement documents and deposits funds via wire transfer.

12. Documents are recorded, and the keys are delivered!

Seller's responsibilities

1. Chooses Real Estate Agent

2. Accepts buyer's offer to purchase

3. Completes & returns necessary documents to close escrow (payoff info., contact info., loan numbers)

4. Orders repairs for inspections if applicable by purchase agreement

5. Escrow officer contacts seller to schedule signing appointment

6. Documents record and all proceeds from sale are sent to seller

Lenders Responsibilities

1. Accepts buyer's application and begins qualification process

2. Provides buyer with loan estimate

3. Orders and reviews property appraisal, credit report, employment and funds verification

4. Collects information and documentation from escrow for loan approval

5. Underwriting reviews loan package for approval

6. Coordinates with escrow officer on the preparation of the closing disclosure (CD), which is delivered to buyer at least 3 days prior to loan consummation

7. Delivers loan documents to escrow

8. Upon review of signed loan documents, authorizes loan funding

Escrow

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Contact Us

Address

3714 Sunnyside Dr. Suite B

Riverside, CA 92506

(Located behind Providence Realty)

Lic: 96DBO-77194

Contact

Phone: 951.288.6892

Email: em2@pacificoneescrow.com

Opening Hours

Mon - Fri

Sat - Sun

8:30 am – 5:00 pm

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