Escrow, closing or settlement services
Escrow, closing or settlement services occur after the buyer and seller have ratified a contract for the purchase of a single family home, condo, townhouse, lot or other real estate property. Escrow, closing or settlement services are those administrative and clerical services required to carry out the terms of contracts affecting real estate. These services include:
- Ordering title insurance
- Receiving and issuing receipts for money received from the buyer and seller
- Ordering loan checks and payoffs
- Ordering surveys
- Preparing settlement statements
- Determining that all closing documents conform to the buyer and sellers ratified contract
- Setting the closing appointment with the agents
- Working with the buyer/seller to ensure that the transaction is moving to closing
- Ensuring that the lender's instructions have been satisfied
- Conducting closing where the documents are executed by the buyer and the seller
- Receiving and disbursing funds
- Completing documents and instruments according to the instructions of the parties to the transaction
- Recording of documents
- Sending recorded documents to the lender
- Sending the recorded deed and the title policy to the buyer
- Reporting federal income tax information for the real estate sale to the IRS
