Audit   At GB Escrow, every escrow goes through a strict audit process before closing. During this audit, a review is made of all the conditions and contingencies of the escrow, the funds deposited, the prorations and adjustments, and compliance with all of the terms of the escrow is determined. An escrow must pass audit before it will record.               City Report   Some cities, such as Los Angeles, Santa Monica, Inglewood, have an ordinance which requires that upon the sale of property, the city be contacted to determine if there are any city-imposed liens on the property, and to verify the authorized use of the property. Once the seller signs an application and deposits the required fee, the city report is ordered through escrow and provided to buyer upon receipt.               Closing Date   The closing, or recording date, of escrow is the date upon which the Grant Deed conveying title, and Trust Deed showing a lien, and any other recordable documents are actually filed and recorded with the County Recorder's Office. It is the official closing date of escrow.
	Condition   A condition is something that will happen before escrow closes, for example, the escrow may be conditioned upon the buyer receiving a city report, a rent statement, a credit from the seller, and so on.               Confirmation of Recording   On the day of closing, or recording, the documents (Grant Deed, Trust Deed, etc.) are recorded with the County Recorder at 8:00AM. The title company obtains "confirmation" of recording later in the day. Once the title company has communicated confirmation of recording to the Escrow Officer, and has provided final title charges and wired closing funds, then the Escrow Officer balances the escrow file and disburses the funds.               Contingency   A contingency is a required condition of escrow, which must be satisfied before escrow can close, as in an Inspection Contingency, or a Loan Contingency.               Demand   For every loan, or mortgage, on the property, the Escrow Officer will request a Demand from that lender, advising the exact amount required to pay off the loan in full. That Demand will be paid at the close of escrow.               Escrow Instructions   Escrow Instructions are prepared by the Escrow Officer, and are considered supplemental to the Deposit Receipt/Purchase Agreement already executed by the buyer and seller. The Escrow Instructions will contain other escrow-related matters and conditions, and outline the escrow holder's duties. Escrow Instructions are sent to the buyer and seller for signature shortly after escrow opens.               Estimated Closing Statement   An Estimated Closing Statement may be requested from escrow at any time; when prepared, it will contain the costs and charges known to the Escrow Officer at that time. The most complete Estimated Statement can be prepared when escrow holder is in receipt of the buyer's loan documents, and/or the seller's demands. While figured as closely as possible to actual figures, an Estimated Statement is still an "estimate". Final costs and charges will be reflected on the Final Closing Statement, at the close of escrow.               Funds / Funding   Loan "funds" refer to the lender's money which is disbursed when your escrow is ready to close. The "funding" of the lender's loan usually occurs one business day prior to recording/closing.               Grant Deed   A Grant Deed is the document signed by the seller which, when recorded at the close of escrow, conveys title of the subject property to the buyer.               Lien on Title   A lien on title usually refers to a loan, or trust deed, of record; it may also refer to taxes, judgments, or other liens.               Loan Documents   Once the buyer's loan has been approved and any pre-document conditions have been satisfied, the lender will forward Loan Documents to escrow. The Escrow Officer packages the loan documents together with final amendments and other papers, as well as the buyer's Estimated Closing Statement, and calls the buyer to arrange an appointment to sign.               Property Report   A property report, or property disclosure report, contains information about the subject property as relates to natural hazard zones, earthquake zones, and other property disclosures which are required to be made by the seller. To satisfy these types of disclosure requirements, the seller will usually order the disclosures from a property disclosure company, and furnish the report to the buyer through escrow.               Taxes   Taxes are usually paid current at the close of escrow, and a proration is made between buyer and seller, so that each party pays their appropriate share. Taxes become a lien on November 1 of each year, with the first installment delinquent if not paid by December 10, and the second installment delinquent if not paid by April 10.               Title Search   As soon as escrow is opened, the Escrow Officer orders a title search through a title company, which will search for the record owner of the subject property, the current taxes, and any liens or other information which may be recorded against the property. Within several days of the search, the title company will issue a Preliminary Title Report, which will list the items obtained through the title search.               Trust Deed   A Trust Deed is the document signed by the buyer/borrower which, when recorded at the close of escrow, establishes the lender/beneficiary's lien on the subject property.