THE ESCROW PROCESS
According to the California Escrow Association, escrow is a service which provides the public with a means of protection in the handling of funds and/or documents. Escrow enables the buyer and the seller to transact business with each other through a neutral party, thereby minimizing their risk. In the escrow, all parties involved give their instructions to this neutral intermediary, the "escrow holder," whose duty it is to assure that no funds or property change hands until all instructions have been carried out to completion.
THE ESCROW HOLDER DUTIES INCLUDE:
• Serves as the neutral third party between all parties involved • Orders the Preliminary Title Report which documents the title status of the property • Drafts escrow instructions • Prepares required lender documentation and ensures specific conditions are met • Orders payoff demands for all items to be paid through escrow • Receives closing instructions, documents and borrower's funds and ensures that all requirements have been met prior to closing • Schedules and processes the escrow signing approximately 4-6 days prior to close • Closes escrow, disburses funds and issues the Title Insurance Policy to the borrower and lender • Records the Deed and other related documents Keep in mind that you may be asked to provide information such as legal identification, date of birth and social security number to the escrow officer as proof of identity. This information is considered highly confidential and is treated accordingly.
Windermere Real Estate
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