It all begins after the principals (buyer and seller) have signed the purchase and sale agreement.
A good faith deposit is generally placed with the escrow agent, simultaneously with approval and execution of the escrow instructions.
An owner’s title insurance commitment is issued in favor of the purchaser. In addition to issuing an owner’s title commitment, oftentimes, a title insurance commitment is issued in favor of a lender. Both title commitments will have requirements that will have to be complied with, before closing. When a lender is involved, the escrow agent is performing under two separate sets of instructions. After loan approval and after all inspection periods have passed, a closing date is set, pursuant to the terms of the contract. Paxin Closing and Escrow, LLC acts as an impartial “stakeholder” or depository, for all documents and monies required to complete the transaction pursuant to written instructions from the principals. Among other things, closing the transaction consists of document preparation, preparing the closing statement/s, funding monies to a payoff lender (when applicable), paying off all other existing encumbrances and obligations and disbursing seller proceeds. Paxin Closing and Escrow, LLC then reviews and approves the signed documents, releases and the order for title insurance. Paxin Closing and Escrow, LLC then records the signed documents with the County Recorder’s office and prepares to issue the title insurance policies.
A good faith deposit is generally placed with the escrow agent, simultaneously with approval and execution of the escrow instructions.
An owner’s title insurance commitment is issued in favor of the purchaser. In addition to issuing an owner’s title commitment, oftentimes, a title insurance commitment is issued in favor of a lender. Both title commitments will have requirements that will have to be complied with, before closing. When a lender is involved, the escrow agent is performing under two separate sets of instructions. After loan approval and after all inspection periods have passed, a closing date is set, pursuant to the terms of the contract. Paxin Closing and Escrow, LLC acts as an impartial “stakeholder” or depository, for all documents and monies required to complete the transaction pursuant to written instructions from the principals. Among other things, closing the transaction consists of document preparation, preparing the closing statement/s, funding monies to a payoff lender (when applicable), paying off all other existing encumbrances and obligations and disbursing seller proceeds. Paxin Closing and Escrow, LLC then reviews and approves the signed documents, releases and the order for title insurance. Paxin Closing and Escrow, LLC then records the signed documents with the County Recorder’s office and prepares to issue the title insurance policies.
If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at 866-752-4445.
