Page 12 - Homeowners Manual - San Mateo County
P. 12

ESCROW PROCESS



        For loan applications taken after October 3, 2015, the buyer/consumer must receive the new Closing Disclosure
        (CD) at least three business days prior to the date the buyer/consumer is scheduled to sign the loan documents�





                                                     ESCROW OPENED
                                  Escrow number issued, contract and deposit received by escrow�




                                Preliminary Report/Commitment prepared and distributed for review�




                        Additional terms and appropriate invoices from companies such as termite companies,
                       homeowner’s associations, roofers, inspection companies, home warranty companies, etc�
                                                forwarded to the Escrow Officer�



                CLOSING DISCLOSURE SENT BY THE LENDER OR ESCROW OFFICER TO THE BUYER FOR REVIEW
                                  Seller Closing Disclosure sent to the seller by the Escrow Officer�
                          Estimated Settlement Statement sent to the respective buyer’s and seller’s agents�




                          Escrow receives loan documents and lender instructions for scheduling the signing�




                                                SIGNING DATE IS SCHEDULED
                                    Buyer and seller to bring valid ID to the signing appointment�
                                                 Buyer to bring funds to close�



                            Signed documents are returned to the lender and funds are requested to close�






                     Funds are received from the lender and documents sent to the County Recorder for recording�




                     Confirmation of recording received, funds are disbursed, final settlement statement is prepared
                           and final Closing Disclosure is sent to the buyer by the lender or Escrow Officer�



                                                    CONGRATULATIONS!
                                 Escrow is now closed� Keys are typically delivered by the agents or the seller
                                   to the new homeowner, and the Owner’s Title Policy is delivered by mail�





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