Escrow
 Your escrow
team is a neutral third party
who
has been selected by the Lender,
real estate agent, Buyer,
or Seller to
handle the funds and documentation
involved in your real estate
transaction.
The escrow officer will make
sure that the terms of your
loan are accurate,
that all your Lender’s documents
are properly signed, that the Seller’s
loan on the property will
be paid
off and released, and the
deed transferring the property
to you is in proper form
and signed. They will walk
you through each and every
document involved in
settlement.
Resource Title
Agency has a very experienced escrow
department comprised of escrow officers,
escrow assistants and signers to prepare
and guide you through the closing
process.
The responsibilities of
the escrow team include but are not
limited to the following items:
- Reviewing the purchase agreement
- Reviewing the Lender's loan
package
- Obtaining signatures from the
Buyer/borrower and Seller on the
necessary documents
- Obtaining mortgage payoff information
- Prorating property taxes between
the Buyer and Seller on sales
according to the instructions
in the purchase contract
- Reviewing the title report
to make sure all requirements
are being met to convey clear
title and/or record a valid mortgage
so that title insurance can be
issued
- Preparing settlement statements
- Issuing checks to all parties
who will be receiving payment
- Providing an explanation of
the loan and title papers the
customer must sign
- Sending deeds, mortgages, assignments,
releases, and other documents
to the county offices for recording
- Prorating condo maintenance
fees, homeowner's association
dues, rents, and security deposits
between the Buyer and Seller
What to expect
at closing
A representative from your Lender or
from Resource Title will contact you
to schedule your closing. Your closing
is the point at which you apply your
signature to all of the documentation.
The Lender will forward loan documents
to the escrow officer as soon as all
conditions have been met and the loan
has received final approval. Normally,
the Lender will need two or three days
to draw up their documents.
You will need to bring a driver's
license or a valid form of photo identification
because several papers will have to
be notarized at the closing and the
Notary Public has to have some proof
of identity.
Any money you need for closing has
to be in the form of a cashier's check
or a certified check made payable
to Resource Title. You will be advised
of this dollar amount as far in advance
of the closing as possible. Very often
we will give you a figure that has
been slightly rounded up because the
figures may have to be adjusted at
the last minute. If we have collected
too much, any overage will be refunded
to you at disbursement.
There often are additional items
you must bring to the closing specific
to your loan. These include pay stubs,
bank statements, hazard insurance
and/or explanations of credit inquiries.
If this is the case in your transaction,
you will be informed by your Lender
or by your escrow officer.
After signing your documents, the
escrow assistant will send the deed
and the mortgage to the county for
filing. The remaining documents will
be returned to your Lender and they
will be notified to fund the loan.
As soon as the Lender funds the loan
and authorizes Resource Title to file
and disburse, we will have the documents
recorded at the county and issue checks
to all parties. Your title insurance
policy will be forwarded several months
after closing, along with your deed.
NOTE:
If you are married, even if your spouse
is not in the title or on the loan,
he or she will have to sign a few
documents at the closing in order
to release dower. This is common procedure
throughout the state of Ohio, so make
sure your spouse is present during
the closing to avoid any delays.
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