Escrow Thursday: Escrow After You List the Property

• As soon as you get a listing, contact a title company to order preliminary title
• Work with your Account Manager to gather a mailing list for Just Listed postcards
• The title commitment will arrive within a few days via email… review it and contact your title officer with any questions you might have
• Your  Account Manager will review the title as well and email you in regards to it
• If a title inspection is deemed necessary upon completion of the title commitment, the title unit will notify you via email that a title inspector will be coming out to the property within a few days

• Once you have a mutually accepted purchase and sale agreement, contact Escrow and update the file with the buyer and lender information
• The title unit will send out updated commitment to all parties in the transaction within a few days via email and hardcopy, as applicable
• Send earnest money check to  Escrow within 3 days of receipt or mutual acceptance
• Escrow will send a receipt for the earnest money once it’s been received
• The day they receive set-up, your Escrow Closer will contact the seller and buyer  to introduce themselves and their team
• Escrow will begin to request information from the seller and underlying lender regarding pay-offs.  Call immediately if you have any questions or concerns
• Escrow will receive and review loan documents and will prepare settlement (HUD) statements
• Carefully review the settlement statement and documents with your seller and contact your Commonwealth Escrow Closer with any questions
• Your seller will sign within a week of the final closing date

After all parties have signed

• The file will record after both parties have signed and the new lender has deposited loan funds into escrow
• Once it has recorded, escrow will contact you with recording numbers
• Call your clients to let them know it has recorded
• Commissions will then be delivered to the broker/accounting office on the next business day
• Final HUD statements will be sent to your seller
• Make a follow-up call to your sellers