What is Escrow?
Escrow is a neutral third party that acts on behalf of the buyer and seller to complete the transaction once all conditions have been met. Escrow prepares the transaction documents, makes sure any unacceptable defects or claims are resolved, receives funds, process payoffs, and records the transfer documents. Escrow also responds to lender requirements, obtains approvals, reports, and documents that the purchase contract requires, and prorates insurance, taxes, rents, and assessments. During the process, escrow keeps all parties informed of the transaction’s progress. Escrow also facilitates the parties’ document signing. The purchase is officially complete when the new deed is recorded with the county, which formally transfers ownership from the seller to the buyer.
Escrow strives to make the process as smooth and easy as possible by communicating clearly and effectively with all parties involved. By eliminating the guesswork from the transaction, we make the entire process as pleasant and hassle free as possible.