What is escrow?
Posted by: raindrop 9 years ago
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.
Most contracts that involve the transfer, lease or financing of real or personal property can be placed in escrow. You may be involved in escrow not only when you buy or sell a home, but also when you buy a mobile home, sell a business or transfer stock in a closely held business.
Whether you are the buyer or the seller, you want assurance that no funds or property will change hands until all of your instructions have been followed. With the increasing complexity of business, law and tax structures, it takes a trained professional to supervise the transaction.
The escrow officer is a trained and experienced professional. He or she can provide you with the assistance required to close your transaction quickly and effectively. This professional person may, under the terms of the instructions, make the decision that the conditions of escrow have been met, and then order the transfer of the affected real or personal property to the interested parties.
Many escrow officers proudly display their professional designations of certification and show these designations on their business cards and letterhead. The designations indicate that this person has met the high standards of education and experience required for certification by the California Escrow Association.
Share on Twitter Share on Facebook
San Diego Homes
- 8 Tips to Make Your Home Camera Ready for Selling
- FAQ Friday: Exciting New VA loan benefits!
- FAQ Friday: Can the Buyer back out?
- Restaurant Spotlight: Rosemary Trattoria - Authentic, Family Friendly Italian
- *SPECIAL DELIVERY* Santa Claus is Coming to Coronado!
- Blog (349)
- Buyer's Guide to Buying a Home (11)
- DIY Homeowners (55)
- FAQ Buyer (36)
- FAQ Property Management (7)
- FAQ Renters (7)
- FAQ Seller (33)
- FAQ Short Sale (6)
- Friday Favorites (4)
- Home Projects (59)
- Listings (132)
- Local Info (75)
- Market Matters (34)
- Open House (18)
- Rentals (18)
- Restaurant Spotlight (1)
- Staging (1)
- Things to do (77)
- Tips (5)
- Tips for Buyers (7)
- Tips for Homeowners (5)
- Tips for Renters (5)
- Tips for Sellers (5)
- Tips/FAQs (2)
FeedsRSS / Atom
Latest NewsJanuary 31, 2020 8 Tips to Make Your Home Camera Ready for Selling January 17, 2020 FAQ Friday: Exciting New VA loan benefits! January 10, 2020 FAQ Friday: Can the Buyer back out? READ MORE
Our initial experience with you, especially with your demonstrable expertise, knowledge, and willingness to both educate and work with us regarding the market and related considerations particular to Coronado, resulted in a gratifyingly helpful and positive experience for us.—Robert R. READ MORE