To open escrow, you will need to provide the escrow or closing agent with the following information:

• Purchase price, address and description of the property (this will all be contained in the purchase agreement)
• Seller’s name and address
• Buyer’s name and address
• Parties to whom the preliminary title report or the abstract of title are to be sent (generally they are the buyer, seller and lender).
• Termite report information (who will do the inspection)
• Amount of deposit to be held in escrow
• Insurance agent for the buyer
• Financing information
• Any personal property involved in the sale
• Rent, if any
• Projected closing date

Once your information has been received, your escrow officer will assign your file an escrow number. It is a good idea to try to always refer to this number when calling for information or status reports. Your escrow officer will deposit the earnest money into a separate escrow account and order the title search to be made. Both buyer and seller will receive a copy of this report. If there is a lender involved in the transaction, he will see to it that the lender also receives a copy of the title report. He will work hand-in-hand with the lender, incorporating any loan fees, prepaid and pro-rata interest into the escrow instructions. The buyer will normally sign his loan documents together with his escrow instructions and the seller will normally sign the grant or warranty deed together with her escrow instructions. The lender and your escrow or closing officer will coordinate the simultaneous exchange of loan funds with the closing date of escrow, together with the disbursement of the sale proceeds to the seller.