Page 12 - Homeowners Manual - Santa Cruz County

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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