Extract Data From Legal Oregon Real Estate Closings Forms For Free

Who Can Act As An Escrow Agent In Oregon? Escrow Agents licensed by the State of Oregon. Attorneys, Banks, Savings and Loan Associations, Trust Companies, Mortgage Brokerage Firms may act as escrow agents under certain circumstances and as authorized by law.

In Oregon, the escrow process refers to the sequence of events that take place between contact and closing. Once you have a signed purchase agreement with the seller, you will ?enter escrow.? This period ends when you actually close on the home and receive ownership.

Nationally, the word ?Escrow? may be described as the type of account you set up with a Lender to impound your property taxes, insurance, and mortgage insurance payments. In California and some of the other western states, this word describes the settlement process and the ?Settlement Service? industry.

Escrow is common in the Western part of the United States. California, Washington, Oregon, Nevada, New Mexico, and Arizona are all escrow states. In the Midwest, they use title companies for closings, and on the east coast, attorneys draft the contracts.

The title company will search public records, check out the history of the property (i.e. looking for liens on the house, outstanding taxes, divorce decrees, or any other issues that could potentially pop up to delay closing). If any issues like these arise, you must clear them up before selling your home.

Oregon statutes allow anyone the right to inspect any public record that is not exempt from disclosure, regardless of requester's intent. A request under the Federal Freedom of Information Act (FOIA) is fulfilled under Oregon public records law; however, FOIA time frames and provisions don't apply.