Escrow is a service which provides the public with a means of protection in the handling of funds and/or documents.
As a buyer or borrower, you want assurance that no funds or property will change hands untill all instructions have been followed. With the increasing complexity of business, law and tax structures, it takes a trained professional to supervise the transaction.
Escrow functions are:
- Prepare escrow instructions
- Serve as the communication link to all transaction parties
- Request preliminary title reports
- Request pay-off demand from existing financing
- Receive purchase funds from buyer
- Comply with lender's requirements
- Prepare or secure the transfer deeds
- Disburse funds
- Prepare final accounting to all parties
- Make sure a sale, refinance, or purchase transaction is recorded and instructions have been carried out.
Your Real Estate Professional or Lender will recommend an escrow holder that is competent and experienced in handling the type of escrow at hand.
