The escrow agent or attorney 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.The Escrow Process

1. The Purchase & Sale Agreement is drawn up between buyer and seller and delivered to escrow.

2. Order preliminary title report.

3. The escrow agent then reviews and clears title on the prospective property while awaiting the buyer's loan documentation.

4. The escrow agent obtains payoff figures and performs necessary procedures to clear any liens, judgments, or encumbrances.

5. The escrow agent prepares all closing documents according to the escrow instructions, including the Deed transferring title, and the settlement statement showing all money required for the transaction and it's disbursement.

6. The escrow agent facilitates and oversees the signing of closing documents with the buyer and seller (in separate meetings). At this point, the closing agent receives funds from the buyer to close the transaction (a cashier's check or bank wire).

7. The signed closing documents are then forwarded to the lender for review. Upon satisfactory review, the lender releases the file for recording.

8. The title company records the deeds to the property with the County Courthouse.

9. The lender balances the prospective account and forwards funds to the closing agent for disbursement.

10. The escrow agent receives recording numbers from the title company and distributes proper funds to related parties.

11. Closing has occurred and title (the property) has changed ownership.

Buying a house can be an overwhelming experience. That's why I am here to help you through the questions you may have.