The Escrow Officer handles the money and paperwork from both the buyer and seller. I have put together a list of duties that the Escrow Officer is responsible for:
Serve as the neutral agent and the liaison between all parties involved.
Prepare the escrow instructions.
Request a Preliminary Title Search to determine the status of the title to the property.
Comply with the lender’s requirements as specified on its instructions to escrow.
Receive and handle purchase funds from the buyer.
Prepare or secure the deed and documents related to the escrow.
Prorate taxes, interest, insurance and rents.
Secure releases of all contingencies or other documents imposed on the escrow. Request the deed and any other documents.
Close the escrow pursuant to instructions supplied by the seller, buyer, and lender, if any.
Disburse funds as authorized by the instructions, including charges for title insurance, recording fee, real estate commissions and loan payoffs.
Prepare final statements for all parties involved that account for the disposition of all funds held in the escrow account.
Let Valerie Bomberger, ABR, AHWD with REMAX Harbor Country help you in the home buying process and answer questions on Escrow.
