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What is an Escrow?
The buyer and seller conduct business with each other through a neutral intermediary, your escrow company. The escrow holder to exchange property and funds carries out mutual written instructions by both parties.

When Do I Open An Escrow?
As soon as you and your other party are in complete agreement, a mutually selected escrow officer should be called. Consider the professional advice of your real estate agent.

What is needed from me?
Along with the terms of the sale the following are a list of items that are most helpful to expedite your transaction.

The Escrow Officer Does:
Prepare instruction and specific documents. Order all necessary pay off or assignment statements, homeowner association statements and title search. Secure releases of existing liens of record and disburses documents in accordance with mutual written instruction. Prepare all final statements for principals, accounting as to the disposition of all funds deposited with the escrow officer. Provide you with the assistance to close your transaction quickly and effectively. Escrow officers are trained, experienced professionals.

The Escrow Officer Does Not:
Act as a negotiator for the transaction or any terms thereof. Offer legal and or tax advice. Offer investment advice.

Who Pays the Fees & Costs?
The Charges of a transaction are dependent on the type and complexity of your transaction and the terms of your agreement. Both your professional real estate agent and your escrow holder can help you determine those costs. The seller typically pays for those costs involved in assuring the buyer a clear title and the buyer typically pays for any costs involved in the financing. The escrow fees are normally paid one half each. There are exceptions to the rules, so be sure to consult your professionals for help.

Who Can Answer My Questions?
Your primary consultant should be your real estate agent/ broker if the negotiations have been conducted through them. The escrow officer will often refer you to the real estate agent/ broker, legal counsel, or quite possibly a tax advisor.

What Happens If The Escrow Cancels?
A cancellation agreement must be reached between the parties with mutual written instruction calling, with live signatures, for the disposition of any funds and or documents. Payment of any charges incurred should be considered including fees and costs incurred by the lender, homeowners association, and title company and escrow holder. If the parties cannot agree, a court order may be needed.

What Happens At Closing?
The closing can take place when all instructions have been complied with. After all funds have been collected and costs paid, the property title can be transferred. This transfer of title is called the “recording”. Recording documents and title policies will be mailed to you after closing.