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by Lothar
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use of the property.
The report gives the buyer the chance to ask the seller to
remove any item disclosed in the preliminary title report that
he finds objectionable prior to purchase.
Title insurance is real estate ownership insurance.
It insures an owner's rights and interests. Title polices are
issued to both the buyer and the lender.
An Escrow Officer's Responsibilities include:
Reviews preliminary report
Provides copies of preliminary report to all parties
Receives and prepares seller's & buyer's escrow instructions
Receives buyer's funds for escrow
Arranges hazard insurance with buyer
Complies with lender's instructions
Arranges new loan funding with lender
Prepares documents and special instructions
Records documents with county recorder
Disburses monies and documents to the appropriate parties
Prepares final closing statements for buyers and sellers
Issues title insurance policy.
It is good practice to read every document you will be signing before the day of closing. You can arrange this with
your escrow officer. Make notes of everything you don't understand and ask the escrow officer to explain.
During peak home selling periods escrow holders are often
swamped with work and miss the scheduled closing date by a few days. If you plan on that happening i |
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