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An Escrow is a transaction in which a neutral third party, who is referred to as an "Escrow Holder" or a "Stakeholder", holds legal documents and funds on behalf of the buyer and seller, and distributes them according to the buyers' and sellers' instructions
People buying and selling real estate use the services of an escrow holder for their protections and convenience. Buyers can instruct the escrow holder to hold their funds in escrow until all of the conditions and deadlines of the transaction have been met. Likewise, sellers may instruct the escrow holder to retain their signed and notarized Grant Deed in the escrow until all of the conditions and deadlines, including buyers' deposit of funds, have been met. All Parties to the escrow rely on the escrow holder to carry out these instructions.
Sound Easy? Not Really....
A knowledgeable and dedicated Escrow Officer can team with all parties in the process to achieve asmooth and successful close of escrow by
- Produce accurate, complete and enforceable documents as the circumstances warrant. Explain their purpose and use to all parties.
- Notify principals and agents when Escrow Instructions are inconsistent or contradictory between parties.
- Assist principals and agents in understanding the mechanics of ownership transfer, and help achieve equitable solutions when problems arise.
- Provide Status Reports to the agents involved in the transaction so that they can monitor progress, keep their principals informed and anticipate and eliminate problems in a timely fashion.
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