What Is Escrow?
An escrow, sometimes referred to as a closing, is an arrangement in which an impartial third party, called an escrow holder, holds legal documents and funds on behalf of a buyer and seller and/or lender. The funds are distributed and documents are recorded only in accordance with the written instructions received from the parties, thus consummating the transaction.
People buying and selling real estate often open an escrow for their protection and convenience. All parties rely on the escrow holder to faithfully carry out their mutually agreed upon instructions relating to the transaction, or to advise them if any of the instructions are contradictory or cannot be completed.
Once all terms and conditions of the written instructions have been fulfilled, and all closing conditions are satisfied, the escrow is closed and the transfer of property and money is accomplished.
- Immediate order confirmation
- Continuous transaction monitoring and reporting
- Timely preparation of instructions, closing documents and amendments
- Rigorous quality control measures to ensure accuracy
- Coordinated closings
- Verified disbursement of proceeds