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 and 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 not do:
- Provide legal advice
- Negotiate terms of the transaction
- Provide investment advice
- Act without mutual written instructions from the principals
Why our Escrow Officers are different:
Our Escrow Officers take pride in their work…we never forget that we work for you! Our Escrow Officers tend to have more experience and more practical knowledge then our competition. We regularly put them through on-going training… in fact, most of them teach classes in our industry…