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What is Escrow?
The Talon Group assembles all the components of a real estate transaction, then processes and records the transaction, transferring ownership from the Seller to the Buyer. The escrow agent is a disinterested (neutral) third party acting on behalf of the buyer and seller under the guidelines set forth by the State of Washington - Department of Financial Institutions.

Life of an Escrow

  1. The Purchase & Sale Agreement is drawn up between buyer and seller.
  2. The Talon Group receives a copy of the Purchase & Sale Agreement, along with copies of the buyer's loan application and the title search on the prospective property.
  3. The Talon Group then reviews and clears title on the prospective property while awaiting the buyer's loan documentation.
  4. The Talon Group prepares all closing documents according to the escrow instructions, which are received from all related parties.
  5. A licensed escrow representative from The Talon Group facilitates and oversees the signing of closing documents with the buyer and seller (in separate meetings). At this point, The Talon Group receives funds from the buyer to close the transaction (a cashier's check or bank wire).
  6. The signed closing documents are then forwarded to the lender for review. Upon satisfactory review, the lender releases the file for recording.
  7. The title company records the deeds to the property with the County Courthouse.
  8. The lender balances the prospective account and forwards funds to The Talon Group for disbursement.
  9. The Talon Group receives recording numbers from the title company and distributes proper funds to related parties.
  10. Closing has occurred and title (the property) has changed ownership.
The Escrow Process and Responsibilities
Purchase & Sale Agreement Loan Application & Approval Closing Process Record & Disburse Funds New Owner!
Listing Agent
Seller
Selling Agent
Buyer 		Lender
Insurance Binder
Underwriting
Mortgage Insurance

Verification
Buyers Funds
Employment
Appraisal
Credit Report

 Oversee
Closing
Documents
Signing
Prepare Legal
Documents
 . .
. Determine Status of:
Homeowners Dues,
Fees, Commissions,
Taxes, Liens,
Mortgages,
Review & Clear Title,
Check Taxes & Legal

Title Insurance
Title Search
Examination
Issue Commitment
Record Documents
Issue Policy

 Closing Statement
& Escrow
Instructions
 . .
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