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Transaction

Natalie is the best agent I’ve worked with! Her vast knowledge, kindness and professionalism is rare to find & she helped negotiate an amazing deal .

Alon P., Buyer

Natalie found a home for us that was way beyond what we had hoped for in terms of location, size, amenities, and at a price that was well within our budget!

Buyer, North Hollywood

BUYER

  • Submits a written offer to purchase (or accepts the Seller’s counter-offer accompanied by a good faith deposit amount.
  • Applies for a new loan by submitting all required forms & often pays certain fees such as credit report & application costs.
  • Approves the preliminary report & any property, disclosure or inspection reports called for by the purchase & sale agreement, (Deposit Receipt).
  • Approves & signs the escrow instructions, new loan documents, & other related instruments required to complete the transaction.
  • Fulfills any conditions contained in the contract, lender instructions and/or the escrow instructions.
  • Approves any final changes by signing amendments in the escrow instructions or contract.
  • Deposits sufficient funds in the escrow to pay the remaining down payment & closing costs.

LENDER (IF APPLICABLE)

  • Accepts the loan application & related documents from the Buyer(s) & begins the qualification process.
  • Orders & reviews the property appraisal, credit report, verification of employment, verification of deposit(s), preliminary report & other related information.
  • Submits the entire package to the loan committee and/or underwriters for approval.
  • When approved, loan conditions & title insurance requirements are established.
  • Informs Buyer(s) of loan approval terms, commitment expiration date, & provides a good faith estimate of the closing costs.
  • Deposits the new loan documents & instructions with the escrow holder for Buyer’s approval & signature.
  • Reviews & approves the executed loan package & coordinates the loan funding with the escrow officer.

ESCROW OFFICER

  • Receives order for the title & escrow services
  • Accepts Buyer’s earnest money deposit. Orders the title search & examination on the subject property from title officer.
  • Acts as the impartial “stakeholder” or depository, in a fiduciary capacity for all documents & monies required to complete the transaction per written instructions of the principals.
  • With the authorization from the real estate agent or principal, orders demands on existing deeds of trust & liens or judgments, if any. For assumption of loan by Buyers, orders the beneficiary’s statement or formal assumption package.
  • Reviews documents received in the escrow: preliminary report, payoff or assumption statements, new loan package, & other related instruments.
  • Reviews the conditions in the Lender’s instructions, including the hazard & title insurance requirements.
  • Prepares the escrow instructions & required documents, together with a preliminary estimate of settlement charges, for the Buyer & Seller, in accordance with the terms of the purchase & sale agreement.
  • Presents the instructions, documents, statements, loan package(s), estimated closing statements & other related documents to the principal(s) for approval & signature.
  • Reviews the signed instructions & documents, returns the loan package, & requests the lender’s funds.
  • Determines when the transaction will be in the position to close & advises the parties.
  • Assisted by title personnel, records the deed, deed of trust, & other documents required to complete the transaction with the County Recorder & orders the title insurance policies.
  • Closes the escrow by preparing the final settlement statements, disbursing the proceeds to the Seller, paying off the existing encumbrances, & other obligations. Delivers the appropriate statements, funds & remaining documents to the principals, agents, and/or lenders.

SELLER

  • Submits documents & information to escrow holder, such as: addresses of lien holders, tax receipts, equipment warranties, home warranty contracts, any leases and/or rental agreements.
  • Orders inspections, receives clearances & approves final reports and/or repairs to the property as required by the terms of the purchase & sale agreement (Deposit Receipt).
  • Approves & signs the escrow instructions, payoff demands, grant deed, & other related documents required to complete the transactions.
  • Approves any final changes by signing amendments to the escrow instructions or contract.
  • Reviews documents received in the escrow: preliminary report, payoff or assumption statements, new loan package, & other related instruments.
  • Reviews the conditions in the lender’s instructions including the hazard & title insurance requirements.

TITLE OFFICER

  • Examines the title to the real property & issues a preliminary report.
  • Determines the requirements & documents needed to complete the transaction & advises the escrow officer and/or agents.
  • Reviews & approves the signed documents, releases the order for title insurance prior to the closing date.
  • When authorized by the escrow officer, the title officer records the signed documents with the County Recorder’s office & issues the title insurance policies.

Ready To Buy?

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Who's Who?

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Life Of A Transaction

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Title Insurance

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What Is Escrow?

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Inspection Process

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Who Pays What?

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Financing

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The Loan Process

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