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