Escrow is a service which provides the public with a means of protection in the handling of funds and/or documents. Escrow enables the buyer and the seller to transact business with each other through a neutral party, thereby minimizing their risk. In the escrow, all parties involved give their instructions to this neutral intermediary, the “escrow holder, ” whose duty it is to assure that no funds or property will change hands until all instructions have been carried to completion.
The Escrow Holder’s Role is to:
- Serve as the communications link to all parties in the transaction.
- Prepare Escrow instructions.
- Request a preliminary title search to determine the present condition of title to the property.
- Comply with the lender’s requirements specified in the Escrow agreement.
- Prepare or secure the deed or other documents related to Escrow.
- Prorate taxes, interest, insurance and rents according to instructions.
- Receive purchase funds from the Buyer.
- Record deeds and other documents as instructed.
- Request issuance of title insurance policy.
- Close Escrow when all of the instructions of Buyer and Seller have been carried out.
- Disburse funds as authorized by instructions, including charges for title insurance, recording fees, real estate commissions and loan payoffs.
- Prepare final statements for the parties accounting for the disposition of all funds deposited in Escrow.
We are a full service, independent, bonded and licensed Escrow Company, serving the South Bay since 1974. The next time you require Escrow services, call the professionals at Brighton Escrow.