dictionary defines Escrow as "The deposit of deed, bond, monies,
contract or other written agreements with a third person to be delivered
or used only upon performance or fulfillment of set conditions."
More simply, Escrow may be defined as a stakeholder.
Escrow includes all of the services of a person skilled in the performance
of the many details required to quickly and safely close your real estate
transaction. The Seller's title is protected, held in safekeeping until
all terms are complete. The Buyers may deposit funds, secure in the knowledge
that they will be held in trust until the transfer of the property.
A real estate
transaction requires time
time to perform the details of a title
search, to prepare documents and obtain financing. During this period,
the parties should be protected with a written contract containing all
the terms and conditions of the sale.
one central place where all funds and documents may be deposited. Here
they can be collected and disbursed only when all conditions of the contract
an independent third party who can perform these services impartially,
protecting both Buyer and Seller, and acting on their written instructions
in dealing with lenders, attorneys, brokers, agents, and any other parties
involved in the transfer of the property.
Escrow Officer is responsible for the final settlement between the Buyer
and Seller, the recording of the required documents, the payoff of the
existing liens or mortgages, and the proration of real property taxes,
lease rents, maintenance fees, and any other property expenses to assure
an accurate and complete closing.
provides a lasting record of the transaction that will be available in
the future (up to seven years after the date of recording) to establish
the terms and conditions of the transaction.