San Diego Condos

Phase 1

Broker/Agents sends Escrow Holder a legible copy of fully executed purchase agreement and joint escrow instructions

Escrow holder assigns an escrow # and prepares supplemental escrow instructions and pertinent documents; mail or deliver to all parties for signatures.

Phase 2

Order Title Search

Process Financing

Receive & review the preliminary title report

Request beneficiary statement(s)

Lender will require Buyer's loan application and a certified copy of all escrow instructions

Payoffs/Demand(s), & request clarification of other liens (if any)

Receive and review demands

Receive & review beneficiary statement(s).
Review terms of transfer & current payment status. Is lenders approval required prior to recording? Do these figures compare with the escrow instructions?

Upon receipt of loan approval, compare the terms with the escrow instructions

Phase 3

Review file to determine that all instructions have been followed. (All required documents signed, terminate inspections, contingencies released, fire insurance ordered, note(s) and deeds of trust executed, bill of sale, etc)

Prepare pre-settlement statement and request the balance of funds required from Buyer and/or Seller and obtain final signature on any docuemnts if required.

Phase 4

Return loan documents to lender

Obtain funds requested in Phase 3

Request lender's loan funds

Authorize recoding with the title company

Forward documents to title company

Phase 5

Close file by preparing Buyer's and Seller's closing statements and disburse funds.

Complete closing by forwarding final documents to all interested parties (Buyer, Seller, Lender, Agent)