If you have never been through the process of home buying, you may only have a vague familiarity with escrow accounts. Once you enter into a real estate transaction, however, you will need to have an almost immediate understanding of what escrow is, what you need to do with it, and the responsibilities of escrow officers. To prepare you for that situation, here is a guide to the escrow service.
Escrow Account: This is where money is held so that both the buyer and seller will feel confident. Essentially, holding the money in an escrow account that is handled by a neutral third party enables the seller to know for certain that the buyer actually has the funds necessary to complete the transaction while allowing the buyer to have time to complete the necessary paperwork and conduct a thorough examination of the home before they release their money to the seller.
Closing Escrow: Escrow will only be closed once the home has received the necessary inspections, the property title has been thoroughly reviewed, and the buyer and seller have done a final walk through together. After that, both parties will sign papers completing the transaction and the escrow officer will create a document that names the buyer as the new property owner. At that point, the seller will be paid.
Escrow Officer: This person is equally loyal to both the buyer and seller and like both parties, has an interest in seeing that escrow is closed. The escrow officer is the steward of the money being held in escrow and works with the buyer and seller to ensure escrow is closed properly.
For an escrow officer you can trust, contact Brighton Escrow in Hermosa Beach, California. Our dedicated, detail-oriented team is here to offer you superior service. Call us today!