What is Escrow?
Escrow is a service which enables a buyer and a seller to transact business with a neutral third party, thereby minimizing risk.
1
Most real estate transactions in California utilize the service of an escrow company, yet escrow remains one of the least understood elements of the real estate process.
2
3
Serves as the communication link to all parties in the transaction.
Complies with lender's requirements.
Receives purchase funds from the buyer.
Prepares the deed or other documents related to the escrow.
Closes escrow when all of the instructions of the buyer and seller have been carried out.
Disburse funds and prepares final statements showing accounting of all funds deposited into escrow.
Sellers entering into a transaction should be fully prepared; you should have sufficient information relative to your ownership available. This would include:
4
Current loan information.
Yearly Property taxes and insurance amounts.
Rental and/or HOA information, if any.
The Buyer:
Tenders a written offer to purchase accompanied by a good faith deposit.
Approves and signs escrow instructions, preliminary title report, property disclosures and inspection reports.
Deposit funds necessary to close escrow.
Approves and signs new loan document and fulfills any remaining conditions contained in the contract, lender's instructions and/or the escrow instructions.
5
Our goal is to provide a seamless experience that empowers you to feel secure.
6
