Escrow Timeline

Buy in St George and the process takes about a month (to see the major sequence items and deadlines go to #7) once you have put a contract on a place.

For an overall escrow time line or sequence of To Do tasks and events, here is a general outline of what happens:

1. Select your St George Realtor and put something under contract. 
2. Choose a Title/Escrow company, we can tell who we use most commonly. 
3. Apply for a loan with your lender- see our very Preferred Lenders. 
4. The title company orders a preliminary report for the "Committment of Title Insurance".
5. Your Lender will order an Appraisal when you buy in St George.
6. Title company does research to guarantee the title as reported.
7. The buyer reviews the Sellers Property Condition Disclosure.
8. Buyer conducts evaluations and home inspections of the property.

1. Buyer calls the title company and schedules an appointment for settlement. 
2. Appraiser is sent to the property by the lender.
3. Buyer gives the lender the name of a Home Owners Insurance company.
4. Buyer conducts a walk through of the property.
5. Buyer schedules a date to transfer the utilities. 
6. Buyer attends the Settlement
7. One or two days after settlement is closing
8. The buyers realtor will receive keys and garage door openers upon the seller recognizing receipt of funds and the property having been ecorat the county recorder's office.
9. Title company issues the policy of title insurance and the buyer should receive it in the mail within 2 months when you buy in St George.

1.  
2.  
3.  
4.  
5.  

6. Escrow Deadlines

A typical home purchase or St George escrow period takes about 30 days to accomplish. There are six main deadlines to be adhered to:

Application Deadline

The date by which you must complete, sign and deliver to the lender the initial loan application and documentation required

Seller Disclosure Deadline

The date by which you receive the Seller's Property Condition Disclosures from the seller. The seller provides information regarding their awareness of the condition of the property giving you additional insight into the home you are purchasing

Evaluations/Inspections Deadline

This deadline date is set by the Buyer and is usually put at about two weeks into the contract, within which time the Buyer can conduct inspections and still back out and retain their earnest money. Both sides usually do have to sign to have those funds released to the buyer, but the Buyer usually does not have to specify details as to what part of inspections revealed their reason for backing out. It is good to have a reason however, for keeping the Sellers house off the market for those two weeks for the lost time or opportunity cost to the Seller. Before this date, you have the opportunity to review Sellers Disclosures and conduct a Home Inspection. This typical cost to you of a Home Inspection is about $300+. A licensed home inspection report provides information regarding the condition of the home... usually surface items unde the sinks, cracks in concrete, stucco, temerature of cooling sytem and relative working order of items and sytems are assessed. The Home Inspection is always a good idea adding a measure of professional investigation affecting a MAJOR purchase. The inspector can not get inside walls etc. and usually will tell you about the limitations of the inspection to address everything that could be or go wrong. (This is sometimes why some Buyers will make sure that a Home Warranty gets included in the sale of the home.) 

Loan Denial Deadline

The date by which your lender must provide you with a Notice of Loan Denial in order to receive a return of your 

Earnest Money Deposit

Appraisal Deadline The date by which you must have an appraisal for the house completed. Paid for by the buyer and forwarded to the lender to substantiate the loan you are receiving.

Settlement Deadline

The date all the papers are signed, all monies required have been delivered fees paid and taxes and assessments have been prorated. For your St George Escrow experience let us help you!

1. Escrow Events

Title Insurance

The Committment for Title Insurance insures that the seller has a clean or clear title to the property. We will call and place the order. St George Title Companies compete for your business. Make them work for you.

Home Owners Insurance

During escrow you will be asked to provide the name of an insurance agent. Your Lender will assist you.

Home Warranty

If ordered, provides additional coverage for repairs that may occur after close of escrow.

Evaluations and Inspections

You may hire a professional Home Inspector to further give you insight as to the condition of the home.

Walk Through

Just prior to close of escrow, creates an opportunity to make sure that the condition of the home is the same as has been promised.

Utilities to be transferred.

Refer to our Client Benefit Program selection and then click on utilities to download the appropriate applications.

Settlement

The required funds should be paid by cashiers check and made out to the title company name. They will provide you with the required amount.

Closing

The closing date for the transaction usually occurs 1-2 days, but no more than 4 days after the settlement date when the proceeds of the new loan are delivered from the lender to escrow, and the documents have been recorded in the office of the county recorder.