What is Escrow?
At Mid-Valley Escrow, we work to see you have a great experience with buying a home. It's actually quite easy to understand! An escrow is an arrangement on which a neutral third party, called an escrow holder, compiles legal documentation, invoices and funds on behalf of the buyer and seller. Your Mid-Valley escrow agent works closely with you, your real estate agent and lender to ensure that the sale conditions are complied to within the time period called for in the Residential Purchase Agreement and Joint Escrow Instructions. . After all parties have executed these documents and complied with all agreements described in the Purchase Contract, escrow then distributes the funds according to the buyer's and seller's instructions.Consider an Escrow Office as an unbiased referee that works to get the transaction completed for the sake of both parties
Both the buyer and the seller rely on Mid-Valley Escrow to carry out faithfully their mutual agreement instructions relating to the transaction. Mid-Valley Escrow is bound by law to notify both parties if the instructions given are not mutually consistent or cannot be carried out. These instructions are drawn by the Mid-Valley Escrow officer, and signed by the buyer and seller. Since the escrow is not as detailed as the Purchase Contract, the information contained in the instructions is intended to direct the Escrow Officer in and inform all other parties as to the specific steps that are to be completed through the escrow instructions.
Process of an Escrow
Mid-Valley Escrow is a neutral third party in the escrow transaction. The Mid-Valley Escrow Officer works closely with you, your real estate agent and lender to ensure that the sale conditions and agreements are complied to within specific time periods. The Escrow Officer carries out the following procedures and responsibilities. 1 Prepare Escrow Instructions & Amendments
As directed and reviewed by Real Estate Agents.
Order The Preliminary Title Report
The preliminary title report is ordered from the title insurance company for the property you are buying or selling. This report reveals liens of public record and is the guideline escrow uses to assure that title is conveyed with only the liens and matters the buyer has agreed to accept.
Order Payoff Statements (demands)
Demands are ordered from the lender of record for the current mortgage(s) on the property, the homeowner's association statement and documents, and any other lien or encumbrance affecting title to the property.
Prepare Estimated Closing Statements
Once the loan documents are delivered to Mid-Valley Escrow by the lender, an estimate of closing is generated and the buyer is called to schedule an appointment to sign the loan documents and bring the closing funds. An estimate for the seller is also generated and sent for review and approved by the seller.
Upon receipt of the loan documents, Mid-Valley Escrow will order the insurance policy from the buyer's insurance agent per the requirements of buyer's new lender.
Set Up Recording
Once the loan has funded, escrow will confirm with the title company that the wire has been received and set up recording. The escrow has sent all record-able documents to the title company who is then to await instruction from escrow that the loan has funded. At that time the title company will send these documents to the county recorder's office to be recorded the next business day. All documents record at 8:00 AM but have a scheduled order to which the confirmation of recording is distributed to each title company. This will vary from day to day but will happen on that day. When the title company has confirmed recording, a fax is sent to the escrow company with the confirmation and the final title fees and payoff figures. Escrow will then balance the file, generate the final closing statements and disburse funds.
At this point Mid-Valley Escrow has completed the escrow and it is considered 'Closed' by all parties. We've been providing professional escrow services for over 30 years.
Contact Mid-Valley Escrow Today!
Address: 16800 Devonshire St # 320, Granada Hills, CA 91344
Phone: (818) 831-2200