What does escrow do for you?
Buying and selling a home (or other piece of real property) usually involves the transfer of large sums of money. It is imperative that the transfer of these funds and related documents from one party to another be handled in a neutral, secure and knowledgeable manner. For the protection of buyer, seller and lender, the escrow process was developed.
The purpose of an escrow holder is to serve both the buyer and seller by acting as a special, impartial third party for all principals and by acting in accordance with escrow instructions.
As an independent, fully computerized escrow company, we are primarily concerned with closing your transaction as quickly and efficiently as possible.
What does your esrow officer do?
Your Escrow Officer........
1. Serves as the neutral "stakeholder" and the communications link to all parties in the transaction.
2. Prepares escrow instructions.
3. Requests a beneficiary's statement if debt is to be taken over by buyer.
4. Complies with lender's requirements specified in the escrow agreement.
5. Receives purchase funds from the buyer.
6. Prepares or secures the deed or other documents related to escrow.
7. Prorates taxes, interest, insurance and rents according to instructions.
8. Secures releases of all contingencies or other conditions as imposed on any escrow.
9. Records deeds and any other documents as instructed.
10. Closes escrow when all of the instructions of buyer and seller have been carried out.
11. Disburses funds as authorized by instructions, including charges for title insurance, recording fees, real estate commission and loan payoffs.
12. Prepares final statement for the parties accounting for the disposition of all funds deposited into escrow.
