The New Title and Escrow Process by Chicago Title
August 17, 2008
The Title and Escrow process is somewhat of a mystery to consumers and most agents in Arizona.
Chicago Title has streamlined this process by automating a documents check list that is emailed to the representing listing broker and selling broker and copying the buyer and sellers. 
Here’s how it works:
Email generated when Escrow is opened with a Status of
Order Opened
Review Real Estate Contract Purchase Agreement
- Title Commitment Ordered
- Commercial Critical Dates Letter Sent
- Schedule B’s Received
- Amended Commitment Received
- Process IBA Instructions
- Order Payoff (1st loan)
- Order Payoff (2nd position Loan
- Order Hazard Insurance
- Order Survey
- Order Tax/HOA Info
- Order Home Warranty
- Order Special Districts
- Power of Attorney Received (if applicable)
- Due Diligence Period Completed
- Inspection Period Completed
- Additional Deposits Received
- Earnest Money Deposit Becomes Non-Refundable
- Corp/LLC/Trust Docs Received
- Commission Agreement Received Listing Agent
- Survey Received
- Tenant Approval Received
- Environmental Approval Received
- 1031 Exchange Dos Received
- Loan Docs received
- Estimated HUD/ Settlement Statement to agents
- Closing Protection Letter Sent
- Signing Scheduled with Buyer
- Signing Scheduled with Seller
- Loan Docs Returned to Lender
- Closing Funds Received from Buyer
- Closing Funds Received from Seller
- Closing Funds received from Lender
- Confirmation of Recording
- Notify Parties of Recording
- Final HUD / Settlement Statement
- Closing Packages Distributed to Parties to the transaction
- Escrow Closed
Also, attached to email that are sent automated upon any change in status are:
- Pending Loan Details/Loan Contact/Phone Number
- Mortgage Broker / Contact information
- Title Officer / Phone number / Fax number
- Listing and Selling Agent Information / Phone number / Fax / Email address
This Summary for the Property in escrow will most surely help expedite the escrow process and keep all parties to the transaction aware of any potential issues so that they can be address and resolved as quickly as possible.
I commend Chicago Title on this effort to clarify the often confusing process and urge all Title and Escrow companies to follow their lead.
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Copyright © 2008 By James Wexler, All Rights Reserved. *The New Title and Escrow Process by Chicago Title*
Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale area Real Estate needs
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5 Responses to “The New Title and Escrow Process by Chicago Title”
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Appreciate this post, James. The escrow and title process can be a mysterious process to many home buyers and sellers, even those who have bought and sold a number of homes over the years, or in other states. Much more occurs behind the scenes than most people know. Glad to hear that it’s being explained in more detail.
Hi James,
Great post. You are so right that most consumers and even agents do not really understand the settlement process when selling or buying real estate. It sounds like you guys have a great new system. And, great explanation.
As a real estate agent for Coldwell Banker , I am always hesitant to recommend one title company over another. However, Chicago Title has made the process transparent and automated in a easy way to track the process for clients
I thought the Arizona Realtors Association members were using Sureclose to automate the closing process.
http://rismedia.com/wp/2008-01-09/arizona-association-of-realtors-and-stewart-partner-to-deploy-sureclose/
According to the above article it is available to any Arizona agent
From what I understand, it was made availble last month to AAR brokerages and agents. However, I am personally not familiar with Sureclose as Coldwell Banker residential has not adopted the system.