Other Escrow Responsibilities
Let’s talk about the other aspects that escrow is responsible for in a transaction. Aside from the stipulations that have to be met, they are involved with other areas of the transaction such as:
What is the property title? The property title is the transfer of ownership from the seller to the buyer. Escrow is in communication with title to get the property information and to make sure that all the information is accurate.
THE GRANT DEED
The Grant Deed is a document that ensures the new buyer is clear to hold the title of the property. Escrow prepares the grant deed and sends it to the seller. The seller signs it in front of a notary and returns it to escrow. At close, the escrow holder will record it.
During escrow, they will receive and hold funds for the seller’s existing loan. Escrow is also in contact with the buyer’s lender. This is to ensure that everything with the loan is on track. This also allows escrow to be aware of any issues that may arise to prevent the closing of escrow.
They prepare the Final Closing Statement for the buyer and seller. This is an accounting of funds made to the seller (seller’s statement has proceeds amount) and to the buyer (buyer’s costs and credits). This is prepared before escrow formally closes escrow or funds the loan.
Escrow is an excellent resource for both you and your client. All you have to do is reach out to your escrow officer and they can let you know everything they can do for you.