Who Does What?

Lender and/or Mortgage Broker

• Defines loan amount for borrower
• Qualifies borrower
• Orders appraisal on subject property
• Submit borrower’s information to underwriter for approval
• Orders loan documents to be sent to escrow for borrowers’ signature
• Documents returned to underwriter for final inspection (correct signatures/dates)
• Funds (loan amount) ordered sent to escrow trust account for agreed to disbursement by escrow officer
• Escrow records documents from seller to buyer’s name and Deeds of Trust for Lender
• Escrow usually takes 30-60 days of which 3 weeks is the average loan process time at this time

Escrow Officer

• Coordinates all principals of purchase and sales contract
• Orders Preliminary Title Report on subject property to confirm legal information on subject property, owners of record, current taxes, deed/lien information and CC&R’s of record
• Makes certain that all “conditions” are met as per instructions, agreed to by Buyer and Seller
• Coordinates all information between both agents, title department, lender and inspectors, etc.
• Gathers all documentation regarding new and old loans, inspection reports, repairs and title requirements, etc.
• Arranges for buyer and seller to sign all Escrow and Title papers
• Record all documents required to transfer title from seller to buyer including a Grant Deed, Deed of Reconveyance and Trust Deeds
• Disburses all funds necessary for old loan payoff, inspections, demands of payments for repairs, etc.
• Arranges for seller to receive proceeds of sale

Buyers Agent

• Represents buyer with purchase of property, loan and escrow process
• Helps buyer locate lender who tells buyer the price of property they qualify to buy
• Helps buyer find suitable property
• Advises buyer and helps negotiate the price and term through sellers agent
• Reviews all property information from Preliminary Title Reports. liens.
• Coordinates all information between buyer, lender, escrow, inspections and other agent
• Guides buyer through process, loan, required insurance, escrow and closing
• Takes buyer on “walk through” inspection of property to note any problems that need to addressed during escrow period
• Arranges to meet with any inspectors or property (with or without buyer present)
• Usually accompanies buyer to escrow for loan and escrow signing
• Delivers all keys to property after the property records from seller to buyer

Sellers Agent

• Represents seller of property
• Orders property profile from title company to determine ownership, liens, legal description, square footage, bedrooms, baths, roof, heat/air, or special amenities such as a pool, workshop, etc.
• Does market research and tells seller the market value of property from recent sales
• Lists property on Multiple Listing Service, reaching almost every Realtor® in the community
• Markets to Realtors®, advertises, holds open houses, introduces to Multiple Listing Service
• Oversees necessary repairs of property and maintenance during listing period
• Negotiates price and terms of purchase contract with buyers agent on behalf of the seller
• Opens escrow with the title company
• Coordinates and disseminates information between buyers’ agent, seller, escrow, property inspections and any other involved in sale
• Oversees inspections and any other repairs agreed to in contract
• Usually meets with seller to sign escrow/loan documents
• Arranges pick up and delivers all keys to property and instructional information on any equipment, warranties, etc.