What is the role of a Buyer, Seller, Lender or Escrow Holder? Here is a breakdown of responsibilities for each party during the escrow process

Tina Jent-Fodor

The Buyer

• Deposits funds to pay the purchase price, and funds for property and closing costs.

• Provides deed of trust or mortgages needed to secure the loan.

• Arranges for borrowed funds to be deposited into escrow.

• Provides, if required, documents such as inspection reports, insurance policies and lien information to verify compliance to the instructions.

The Seller

• Deposits the deed to the buyer with the escrow holder.

• Provides evidence to meet the buyer’s condition of sale, such as proof of repair work and inspections.

• Submits other documents, such as tax receipts, mortgage information, insurance policies, and warranties.

The Lender

• Deposits loan funds, lender instructions, and other loan documents with the escrow holder.

The Escrow Holder

• Serves as a central depository for funds and documents.

• Obtains a title insurance policy, when required.

• Fulfills the lender’s requirements if applicable.

• Secures…

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