ESCROW & THE CLOSING PROCESS Escrow is a financial arrangement between two parties that then enlist a neutral third-party to hold money, paperwork, and assets before a transaction is finalized. Escrow is required to follow mutual written instructions from all parties. Escrow will coordinate with the buyer, seller, and lenders, as the middleman, to make sure that title and funds are transferred between the parties in accordance with the instructions they sign.
What do closing costs include? The closing costs include, but are not limited to, title premium, taxes, notary fees, loan fees, escrow fees and recording fees. How do I open escrow? On occasion, your real estate agent will open an escrow account for the transaction, but any parties involved may open the account. To open escrow, respective parties generally deliver to an escrow company the earnest money check and the Purchase and Sale Agreement. Who sets the closing date? Both the buyer and seller must mutually agree to a closing date but either can choose. Who selects the escrow company? Any party to a transaction may decide which escrow company will close the transaction but it is customarily agreed upon in the PSA.
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STRENGTH | EXPERTISE | SERVICE
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