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| Frequently Asked Questions | |||||
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How does Escrow work? The principals to the escrow (i.e. buyer, seller, lender, borrower) cause escrow instructions, most usually in writing, to be created, signed, and delivered to the escrow officer. If a broker is involved, he/she will normally provide the escrow officer with the information necessary for the preparation of your escrow instructions and documents. The escrow officer will process the escrow, in accordance with escrow instructions, and when all conditions required in the escrow can be met, the escrow will be "closed." Each escrow, although following a similar pattern, will be different in some respects as it deals with YOUR property and the transactions at hand. The duties of an escrow holder include: Following the instructions given by the principals and parties to the transaction in a timely manner; Handling the funds and/or documents in accordance with instructions; Paying all bills as authorized; Responding to authorized requests from the principals; Closing the escrow only when all terms and conditions have been met; and Distributing the funds in accordance with instructions and provide an accounting for same - the Closing or Settlement Statement.
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Copyright © 1999 Golden Escrow, Inc.
All Rights Reserved. |