At Old Republic Title, we are committed to meeting the title insurance needs of all customers,
whether it be a local community bank, regional credit union, national bank or mortgage broker. You can trust us
to provide the products and services necessary to support your needs.
Buying or selling a home (or other piece of real property) usually involves the transfer of
large sums of money. It is imperative that the transfer of these funds and related documents from one party to
another be handled in a secure manner by a neutral and knowledgeable third party, the escrow holder The parties
to the transaction want to be certain all conditions of the transaction have been met before property and money
change hands. For the protection of buyer, seller and lender, the process of escrow was developed.
As the escrow holder, Old Republic Title acts upon the instructions of the parties and ultimately
disburses the money. Simply stated, the escrow holder impartially carries out the written instructions given by the
parties to the real estate transaction. This includes receiving funds and documents necessary to comply with the
instructions, completing or obtaining required forms, and handling final delivery of funds, documents, and statements
to the proper parties upon the successful completion of the escrow.
Opening the Escrow
After a written agreement has been reached for the purchase and sale of a piece of property, an escrow
can be opened with Old Republic Title by any of the parties to the transaction – seller, seller’s agent, buyer, or buyer’s
agent. The duties of the escrow holder and the timing of key tasks may vary depending on state specific requirements.
Upon opening the escrow, the escrow holder should be provided with the terms of the sale and information necessary to
perform these tasks.
If the transaction is dependent on arranging new financing, the buyer, with the assistance of the buyer’s
real estate agent, will make the necessary arrangements with the new lender. Since the loan documents must be processed prior
to the close of escrow, the timing for delivery of these documents to the escrow holder should be considered carefully and
coordinated with the lender based on the anticipated closing date.
Processing the Escrow
As the escrow holder, Old Republic Title assembles and processes the paperwork and funds necessary to close the
transaction according to the buyer's and seller's instructions. This may include processing loan documents, recordable
documents, or tax statements, gathering various types of insurance policies, preparing documents in connection with any
seller-assisted financing, and obtaining payoff statements or invoices for various services to be paid from the escrow funds.
The escrow holder keeps all parties informed of progress during the escrow process.
The escrow holder or real estate agent will contact the buyer and seller to schedule an appointment for signing
documents. These documents may include escrow instructions, estimated statements, recordable documents, required government forms,
and any loan documents for the buyer’s new financing. A legal form of identification for each person, such as a current driver’s license,
passport or identification card (military or state), should be brought to the signing appointment.
The seller will be advised as to the estimated amount of the proceeds after closing costs have been deducted.
The buyer will be notified as to the amount required for closing. These funds should be in the form of certified or wired funds.
Closing the Escrow
When all instructions in the escrow can be carried out to the satisfaction of all parties and any funds required have been deposited,
the escrow can be closed. All necessary documents are recorded and title to the property is transferred, funds are disbursed, and title insurance is
issued pursuant to the terms of the escrow instructions.
Rely on Old Republic Title to handle your escrow needs with efficiency and expert service.
What to Expect from your Escrow Holder
The escrow holder acts upon the instructions of the parties and ultimately disburses the money. Escrow functions may include some or
all of the following:
- Coordinate communications between all parties in the transaction
- Prepare written escrow instructions
- Request preliminary report or commitment
- Request a statement of identity (information) from buyer or seller as needed
- Order demands or beneficiary statements
- Receive bills from home warranty companies, as well as pest, roof, home, and other inspection companies
- Prepare or secure the deed or other recordable documents
- Comply with lender’s requirements
- Prorate taxes, interest, insurance and rents
- Receive purchase funds required for closing
- Coordinate recording of deeds and any other necessary documents
- Close escrow when all the instructions of buyer and seller have been carried out
- Disburse funds as authorized, including charges for title insurance, recording fees, real estate commissions and loan payoffs
- Prepare final statements for the parties accounting for the disposition of all funds deposited in escrow
It is important to note that the escrow holder does not offer legal advice, negotiate the transaction or offer investment advice.
Contact Old Republic Title for all your escrow needs.
The title insurance industry has been protecting the American dream of homeownership for more than 125 years. Real estate property is the
nation’s largest asset, and the 1990s was one of the best decades in American history for housing. The behind-the-scenes work of title companies ensures the
quick and secure transfer of land, fostering lender and consumer confidence in their real estate investments.
The objective of title insurance remains the same as it has always been – helping the parties in real estate transactions to determine their
rights and interests, and assuring that land transfer is expeditious and secure. Protecting the parties involved in real estate transactions is the reason the
title insurance product was developed.
In this country, matters affecting ownership and other real estate interests are entered in public records. Before a transaction is completed,
a title search of the records is made in an effort to locate potential problems so that they can be rectified and the transfer can proceed.
While most problems can be located in a title search by skilled professionals, there can be hidden hazards that even the most thorough search
will not reveal. Examples include forgeries in the chain of title, a claim by a previously undisclosed relative of a former owner, or a mistake in the records.
Liens, easements, rights-of-way, life estates, air and subsurface rights, and future interests are also found in a title search.
Title insurance is substantially different than other types of insurance coverage, which can often lead to a misunderstanding of the product.
Title insurance emphasizes risk prevention rather than risk assumption. This emphasis on risk prevention is a labor intensive and costly component of doing
business, but the coverage offers the best possible opportunity for avoiding claims and losses in real estate transactions.
Contact your local Sales Representative for a sample Preliminary Report/Commitment.
Click here for more information
on Title Insurance.
(Source: alta.org; Effective 4.14.14)
Old Republic is providing this information as a free customer service and makes no warranties or representations as to its accuracy.
Old Republic strongly recommends that consumers investigate title insurance, title insurers and/or obtain guidance and advice from qualified professionals in this
field, including attorneys specializing in Real Property & Title Insurance as to any particular situations affecting them.
Whether you are an institutional lender or a private investor, secured by commercial or residential property, Old Republic Trustee Services
is the smart choice for timely, professional, and comprehensive foreclosure services.
Our one stop foreclosure service provides you with both the convenience of a single point of contact and the security of knowing that your
foreclosure will effectively and expeditiously processed in accordance with state law.
Our knowledgeable staff is professionally trained to handle all aspects of the foreclosure process.
Call Toll Free (866) 248-9598
Click here for more details
Contact our Trustee Services Division
* This page contains links to websites or internet resources provided by entities other than
Old Republic Title Company. Old Republic makes no representations that any of the information from these sources
is current or accurate and does not endorse or otherwise accept any responsibility for the contents, or policies,