Escrow and how it works
An escrow company is a third neutral party who deposits funds and documents with the intent of delivering these funds and documents to the parties involved upon the closing according to instructions per the contract. The term "escrow" means a scroll of writing and is of french origin. Escrow is when a buyer and seller in a transaction have agreed to terms and the moneys and contracts are held and dispersed by an escrow officer. This process is only done by written instructions and is carefully monitored until completion.
Escrow is especially important for a few reasons
* It is a neutral party throughout the transaction
* It does research and communicates with the title company to make sure everything is completed correctly
* Escrow takes care of any liens and pay off demands at closing
* All funds and proceeds are distributed via the contract at closing with only business in mind.
How Escrow Begins
Usually, and escrow starts when a real estate agent / broker contacts an escrow officer with the details of a transaction. This will begin the order for the preliminary title report along with the initial deposit followed by a deposit receipt. The title / escrow company will do extensive research to determine what liens, pay off demands and estimated proceeds need to be taken care of and dispersed. Once all of these elements come together and the contract is executed correctly, the escrow can continue, fund, and close. When all of these requirements have been completed, the only thing left is to record on the public record. This usually happens the following day. This process is vital to the entire process and helps to facilitate all sides of the transaction to ensure success.
Team Enterprise has many established relationships with title and escrow companies and works hard to make sure the transaction at hand is done completely, diligently and honestly.
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