Title insurance companies also provide efficient, affordable escrow services in Oregon, as they do in most western states. Once a real estate sale agreement is ready, the title company follows these general steps:

 

Step 1: Open Escrow

 

• Contract documents and escrow instructions delivered to and reviewed by escrow officer.

• Earnest money deposited.

• Title officer reviews documents in the chain of title, property and subdivision maps, tax data, court filings, and results of judgment and lien searches.

• Title officer issues Preliminary Title Report and distributes copies to principals, agents, escrow officer, and new lender.

• Escrow officer requests payoff demands for loans and other nontransferable items shown on Preliminary Title Report.

• Requests clarification of other liens, title exceptions, HOA assessments, and reviews property taxes.

• Escrow officer gets loan documents from lender.

• Reviews file to determine that all escrow instruction conditions met.

• Requests hazard insurance binder.

• Computes closing costs; prepares estimated closing statement and final escrow and title documents.

• Buyer deposits balance of funds. Principals sign closing documents.

• Title officer checks for recent lien filings, updates status of title, and issues title policy.

• Title documents sent to recording, pending authorization to record.

• Loan documents returned to lender for review and approval to record.

• Title deed and deed of trust recorded and loan funds released.

• Escrow disburses funds, distributes final statements and documents.

 

Step 2: Order Title Search

 

Step 3: Request Payoffs

 

Step 4: Prepare Documents

 

Step 5: Close Escrow