What is Escrow?
An escrow is a deposit of funds, a deed or other instrument by one party for the delivery to another party with the completion of a specific condition. Your Escrow Officer is a neutral third party that protects the interests of all other parties to the transaction.
Why do I need an escrow?
Escrow will provide you with a guarantee that no funds or property will change hands until all terms of the contract have been satisfied.
What your Escrow Officer does for you:
- Receives and holds all funds for disbursement upon closing
- Manages the funds and or documents in accordance with instructions
- Pays all bills as authorized and disburses funds as authorized such as recording fees, payoffs, seller proceeds, etc.
- Responds to requests from the principals and communicates to all parties
- Closes the escrow only when all terms and conditions have been met
What your Escrow Officer does not do:
- Provide legal advice
- Negotiate terms of the transaction
- Provide investment advice