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ESCROW FREQUENTLY ASKED QUESTIONS
Have all of your Escrow questions answered here!  

This information has been provided by your escrow officer in order to inform you about some of the aspects of escrow, including a clarification of the role of the escrow holder and knowledge that will help you through the escrow process. Entire books are written that explain the many elements of escrow; this writing is intended to provide an overview of the escrow processes only.

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ESCROW TOPICS
What is Escrow?
Why do I need an Escrow?
How does Escrow work?
Who chooses the Escrow?
What do I have to do while in Escrow?
What fees will be charged?
What about cancellations?
What about Title Insurance?
What about property taxes?
What is a closing statement?
Escrow and your new loan
The perfect Escrow; Does it exist?
Regulatory agencies' phone numbers
Other governmental agencies' numbers
  ESCROW WHAT IS IT?
Very simply defined, an escrow is a deposit of funds, a deed or other instrument by one party for the delivery to another party upon completion of a particular condition or event. The California Escrow Law Section 17003 of the Financial Code provides the legal definition.

WHY DO I NEED AN ESCROW?
Whether you are the buyer, seller, lender or borrower, you want the assurance that no funds or property will change hands until ALL of the instructions in the transaction have been followed. The escrow holder has the obligation to safeguard the funds and/or documents while they are in the possession of the escrow holder, and to disburse funds and/or convey title only when all provisions of the escrow have been complied with.

ESCROW HOW DOES IT WORK?
The principals to the escrow buyer, seller, lender, borrower cause escrow instructions, most usually in writing, to be created, signed and delivered to the escrow officer. If a broker is involved, he will normally provide the escrow officer with the information necessary for the preparation of your escrow instructions and documents.

The escrow officer will process the escrow, in accordance with the escrow instructions, and when all conditions required in the escrow can be met or achieved, the escrow will be "closed." Each escrow, although following a similar pattern, will be different in some respects, as it deals with YOUR property and the transaction at hand.
 

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