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Re: Need for escrow (by R P.):

karik27 wrote:

CUT AND PASTED FROM OLD REPUBLIC TITLE & ESCROW

Prepares escrow instructions as directed by the parties involved Requests a preliminary report Orders a statement of identity (information) on buyer and seller Orders demands or beneficiary statements at client's request Complies with lender’s requirements specified in the escrow agreement Receives bills from termite, roof, appliance inspection and home warranty companies At the direction of the client, 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 any particular escrow Records deeds and any other documents as instructed Closes escrow when all the instructions of buyer and seller have been carried out Disburses funds as authorized by instructions, including charges for title insurance, recording fees, real estate commissions and loan payoffs Collects all outstanding fees (i.e. title insurance premiums, real estate commissions, inspection charges) Prepares final statements for the parties accounting for the disposition of all funds deposited in escrow

The above is for home closings not timeshare closings. Timeshare closings are much less complicated.