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Thesa Chambers, Principal Broker

Contact Us Today At (541) 771-7064
thesa@centraloregonbuzz.com

70 SW Century Dr #110 Bend, OR 97702

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Escrow and a Few Reasons Why it is Important

In Oregon you do not have to use an escrow and title company to purchase or sell a property.  However, most agents will not work on a file without it going through an escrow and title company.

Many buyers and sellers are not aware that title and escrow are two entirely different things.

Escrow does the following (according to Amerititle)

To prepare for the closing of your transaction, your escrow agent

  • Prepares escrow instructions as directed by the parties involved
  • Obtains a preliminary title report or a commitment of title
  • Orders a statement of identity (information) on the buyer and seller
  • Orders loan payoffs at the client’s request
  • Complies with the lender’s requirements specified in the lender’s instructions
  • Receives bills from termite, roof, appliance inspection and home warranty companies
  • Receives purchase funds from client
  • Prepares or secures the deed or other documents
  • Prorates taxes, interest, insurance and rents according to instructions
  • Secures release of contingencies/conditions as imposed on particular escrow
  • Records deeds and other documents as instructed
  • Closes escrow when buyer and seller have met all criteria for the transaction
  • Disburses funds as authorized by instructions, including charges for title insurance, recording fees, real estate commissions and loan payoffs
  • Prepares final statements for the parties, accounting for the disposition of all funds deposited in escrow

Tomorrow we will discuss Title and what the title company does for you.

Posted in: Buying, Seller's Info Tagged: centra oregon homes for sale, central oregon bank owned homes, escrow

Comments

  1. Marchel Peterson says

    January 31, 2011 at 8:33 pm

    Hi Thesa, I’m curious how you close without a title company or escrow. It is amazing how each state is different in how they go through the process.

    Reply

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About Thesa

As your real estate agent, I understand the value of providing the best possible service to every buyer and seller. Listening carefully to fully identify not only your desires but also your needs. Then work diligently to ensure that both are accommodated to the best of my ability. We will stay abreast on changing market conditions, trends, developments and research all factors that could affect the purchase or sale of your property.  My success and your happiness greatly depend upon the quality of the relationship we achieve.  Through personal redefinition of the professional standards set by most agents, I hope set myself apart from the rest and become the first person that you think of for all of your real estate needs.

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Thesa Chambers, Principal Broker West + Main Homes
thesa@centraloregonbuzz.com
(541) 771-7064
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The data relating to real estate for sale on this website comes in part from the MLS. Listing broker has attempted to offer accurate data, but is not guaranteed accurate. All information presented is deemed reliable but not guaranteed.

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