Escrow Thursday: Escrow After You List the Property

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
After there is a signed Purchase and Sale Agreement
  • 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

 

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