An Escrow is a deposit of funds, a deed or other assets & legal documents by one party for delivery to another party upon the fulfillment of a set of conditions established in the Escrow Agreement.
Whether you are the Buyer or Seller, you want the assurance that no funds or property will change hands until ALL conditions of the transaction have been fulfilled. Your Escrow Agent will safeguard the funds and documents, and will only disburse funds and when all provisions of the Escrow have been complied with.
The principal transacting parties will create, sign and deliver in writing all conditions and instructions pertinent to the Escrow Agreement to an appointed Escrow Agent. In accordance with the predefined conditions and instructions, the Escrow Agent will process the Escrow, performing all necessary tasks to fulfill its fiduciary duties in a timely manner.
A Closing Statement is an accounting, in writing, prepared at the close of Escrow to apprise all principal transacting parties of the charges and credits to their account. The items on the statement will reflect purchase price, funds deposited or credited, payoffs on encumbrances or liens, etc (depending on the nature of transaction), as well as costs for services rendered.
- Understand every item in your Escrow Agreement. Seek clarification from your Escrow Agent when in doubt
- Respond quickly to correspondence to expedite the closing of the transaction
- Fulfill all legal and financial obligations pertinent to the transaction in good faith and trust