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.




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