Working With Escrow Officer / Closing Officer

The first step in opening escrow is to send copies of the fully executed purchase contract and counter offers to the escrow officer. They will read the purchase docs to draw up the escrow documents and populate the Closing Disclosure (previously HUD­-1). The escrow officer will contact you and the buyer’s agent if there are any questions about the transaction details.

Send a contact sheet along with the purchase docs. The contact sheet will have a list of all critical parties and vendors, along with their phone, email, and mailing address (if needed). Many brokerages have a standard form you can complete.

1) Your name, brokerage name, state license number, phone, email and where to mail the commission check.

2) Your seller client’s legal names, current address, phone number, email for each of the sellers and their new mailing address after close of escrow, if known.

3) Your Transaction Coordinator (TC), phone number, email, what is the amount they will be paid and who is paying them.

4) The pest control inspection rep, his phone number, email, and a copy of the inspection, if it was already completed.

5) The mortgage company’s name, phone number, and a specific rep (if a short sale). Also, include a copy of the mortgage statement. Contact information for any other lienholders, if known.

6) The buyers’ names & the buyer’s agent’s name, email, and phone.

7) The contact info for any vendors who will be submitting bills to be paid through escrow.

Along with the purchase docs, you should send a copy of your listing agreement and the MLS listing printout. These documents show the escrow officer the commission percentages that each brokerage will be paid. You definitely don’t want the commission amount to be calculated wrong!