An escrow officer, also known as the loan officer, is a neutral third party. He is generally appointed by the title company that you and your seller are working with in Maryland. Their main duty is to look over the escrow process that goes with the closing of a deal. They take care of the paperwork, check that the documents are duly signed and the transactions duly executed. They witness the closing of a deal and see that everything is carried out as per the requirements of the laws in Maryland.
The escrow officers in Maryland are vested with varied range of responsibilities. They are enlisted below.
The escrow agent acts as the neutral stakeholder or depository for the money and the documents required to close a real estate deal in Maryland. When a deal is finalized, the seller passes the title to the escrow officer for security. The escrow agent then transfers the property to the buyer after receiving the purchase price of the property.
He prepares the instructions relating to the escrow and documents in terms with the sale in Maryland. If the title company or the principal real estate agent in Maryland orders him, he orders requests for information about the prevailing trust deeds, liens or judgments against the property.
He is responsible to review documents such as the preliminary report, the loan package, the assumption statements or other instruments. He presents the required documents, loan package, buyer’s mortgage statement, estimated costs, and other related documents to the title company for approval. He secures the signature of the title company, the seller and the buyer to close the deal. Furthermore, he requests the buyer to pay-off the balance of the purchase price.
The escrow officer assesses the proceeds of loans taken by the buyer from the lender in Maryland. He is responsible to prepare the final statements before the closing. He takes the cash from the buyer, disburses any obligations of the seller with that amount and hands over the left over amount to the seller.