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The following chart explains, with some detail, what is involved in
an escrow/closing process. The escrow company's job is to gather all
the documents and information from all involved parties to prepare for the
transfer of the property. The buyer and seller should be aware of and
willing to help with any portions of this closing process where assistance
is needed
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| BUYER
SELECTS A REALTOR |
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SELLER
SELECTS A REALTOR |
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| BUYER
PRE-APPROVED BY LENDER IF NEW LOAN NEEDED |
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SELLER
PREPARES HOUSE FOR SHOWING AND SELLING |
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| BUYER
VIEWS HOMES WITH REALTOR |
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BUYER
SELECTS HOME AND SUBMITS CONTRACT |
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SELLER
REVIEWS AND ACCEPTS CONTRACT FROM BUYER |
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| TITLE
COMPANY RECEIVED & APPROVED BY BUYER |
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VARIOUS
INSPECTIONS ORDERED |
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ESCROW
IS OPENED AT TITLE COMPANY |
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| INSPECTION
REPORTS SENT TO APPLICABLE PARTIES AND APPROVED |
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APPRAISAL
ORDERED BY AND COMPLETED FOR LENDER |
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BUYER
ADVISES TITLE COMPANY OF HOME INSURANCE COMPANY |
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| CLOSING
DOCUMENTS COMPILED BY TITLE COMPANY |
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LOAN
DOCUMENTS PREPARED BY LENDER AND SENT TO TITLE COMPANY |
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BUYERS
RECEIVES FINAL LOAN APPROVAL FROM LENDER |
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| SEPARATE
APPOINTMENTS SET: BUYER & SELLER SIGN DOCUMENTS |
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BUYER
DEPOSITS REQUIRED FUNDS |
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LOAN
DOCUMENTS RETURNED TO BENDER FOR REVIEW |
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| DOCUMENTS
RECORDED AND ESCROW CLOSED |
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LENDER
"FUNDS LOAN" (SENDS FUNDS TO TITLE COMPANY) |
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TITLE
COMPANY ENSURES ALL CONTRACT CONDITIONS MET |
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RECORDING CONFIRMED, TITLE COMPANY DISBURSES FUNDS |
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BUYER
RECEIVES KEYS FROM REALTOR |
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FINAL
DOCUMENTS SENT TO INTEREST PARTIES |
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