What is Escrow?
Why Do I Need an Escrow?
What is the Escrow Process?
The principals to the escrow–buyer, seller, lender, borrower–cause escrow instructions, most usually in writing, to be created, signed and delivered to the escrow officer. If a broker is involved, he/she will normally provide the escrow officer with the information necessary for the preparation of your escrow instructions and documents.
The escrow officer will process the escrow, in accordance with the escrow instructions, and when all conditions required in the escrow can be met, the escrow will be “closed.” Although the basics of an escrow are similar for every transaction, each escrow will be different in some respects, as it deals with your property and the transaction at hand.
The duties of an escrow holder include: following the instructions given by the principals and parties to the transaction in a timely manner; handling the funds and/or documents in accordance with the instruction; paying all bills as authorized; responding to authorized requests from the principals; closing the escrow only when all terms funds in accordance with instructions and provide an accounting for same–the Closing or Settlement Statement.
Who Chooses the Escrow?
We have Answers!
We know that buying or selling a home is a major financial decision, which is why Trust One Escrow is here to make the escrow process as easy and trouble-free as possible.