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 pickup and deliver all keys to property and instructional information on any equipment, warranties, etc.