| The escrow process was developed to help facilitate the sale or purchase of your home. An escrow is an arrangement in which a neutral 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. Escrow accomplishes this by: |
- Acting as the impartial “stake-holder,” 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.
