What the Escrow Holder Does!
The following items represent a typical list of what an escrow holder does and does not do:
The Escrow Holder:
- Serves as the neutral "stakeholder" and the communications link to all parties in the transaction
- Prepares escrow instructions per the purchase contract
- Requests a preliminary report to determine the present condition of title to the property
- Requests a beneficiary´s statement or payoff statement from current lien holder(s)
- Complies with lender´s requirements, specified in the escrow agreement
- Receives purchase funds from the buyer
- Prepares the deed or other documents related to acquiring clear title
- Prorates taxes, interest, insurance and rents according to instructions
- Secures releases of all contingencies or other conditions as imposed on the transaction
- Delivers to title the required documents for recording and coordinates with title as to when to release
- Closes escrow when all the instructions of buyer and seller have been carried out
- Disbursed funds as authorized by instructions, including charges for title insurance, recording fees, real estate commissions and loan payoffs
- Prepares final statements for the parties accounting for the disposition of all funds deposited in escrow.
The Escrow Holder Does Not:
- Offer legal advise
- Negotiate the transaction
- Offer investment advice.
Want more information? Call us at (858) 472-3888 or Contact Us Here.