What is Escrow?
An escrow is a deposit of funds, deeds or other documents by the principals in a real estate transaction for the delivery to another party upon completion of agreed upon terms. The Escrow Officer is a neutral third party who protects the interests of the principals in the transaction.
Why Do I Need an Escrow?
Escrow ensures that no money or property will change hands until all terms of the agreement have been satisfied.
What Your Escrow Officer Does for You:
- Receives and holds all funds for disbursement upon closing
- Coordinates with service providers and lien holders to clear title issues and assist with the terms of the sales agreement
- Pays bills and disburses all deposited funds as authorized, such as recording fees, loan and lien payoffs, payments to appraisers, warranty companies or other service providers and seller proceeds
- Acts upon instructions from the principals and lenders, and relays necessary communication to all parties
- Conducts the loan closing according to the lender’s instructions
- Arranges for the issuance of the Owner’s and Lender’s Title Insurance Policies
- Closes the escrow and records deeds and security instruments once all terms and conditions have been met
What Your Escrow Officer Can Do:
- They take pride in their work – we never forget that we work for you!
- They have more experience and more practical knowledge than the competition
- We regularly put them through on-going training, in fact, most of them participate in classes each month
- They regularly team up with real estate agents to bring the most value to both the buyer and seller
What Your Escrow Officer Cannot Do:
- Provide legal advice
- Negotiate terms of the transaction
- Provide investment advice
- Act without mutual written instructions from the principals
