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Escrow
Process |
By definition Escrow is the deposit of
instruments and funds with a neutral third party, with instruction to carry out the
provisions of an agreement of contracts.
What is an Escrow?
After a homeowner had agreed to sell to a homebuyer, escrow is opened by the real
estate agent. The Escrow Officer prepares the escrow instructions in accordance with
the agreement between the buyer and seller, as stated in the Real Estate Contracts.
The escrow holder supervises that instructions of the contracts are carried out as agreed
by the buyer and seller.
Once the instructions are met, the escrow holder will:
1. Delivers to the buyer the documents needed to show ownership.
2. Delivers the funds handed by the buyer into escrow, for the agreed purchase price
to the seller. |
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