An
escrow 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 distributes them according to the Buyer's and Seller's
instructions.
The escrow process was developed to help facilitate the sale or purchase of your home by:
Acting as the impartial third party, or depository of documents and funds.
Processing and coordinating the flow of documents and funds.
Keeping all parties informed of progress on the escrow.
Responding to the Lender's requirements.
Securing a title insurance policy.
Obtaining approvals of reports and documents from the parties as required.
Prorating and adjusting insurance, taxes, rents, etc.
Recording the deed and loan documents.
Maintaining security and accountability of monies owed and owing.
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