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WHAT
HAPPENS IN ESCROW?
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| Top Las Vegas
Realtor Andreas Adrian often uses "United Title" to
facilitate his clients Escrow |
An escrow is an
arrangement in which a disintegrated third party, called an escrow
holder or title company, holds legal documents and funds on behalf of a buyer and seller,
and distributes them according to the buyer's and seller's instructions.
People buying and selling
real estate often open an escrow for their protection and convenience.
The buyer can instruct the escrow holder to disburse the purchase price
only upon the satisfaction of certain prerequisites and conditions. The
seller can instruct the escrow holder to retain possession of the deed
to the buyer until the seller's requirements, including receipt of the
purchase price, are met. Both rely on the escrow holder to carry out
faithfully their mutually consistent instructions relating to the
transaction and to advise them if any of their instructions are not
mutually consistent or cannot be carried out.
An escrow is convenient
for the buyer and seller because both can move forward separately but
simultaneously in providing inspections, reports, loan commitments and
funds, deeds and many other items, using the escrow holder as the
central depositing point. If the instructions from all parties to an
escrow are clearly drafted, fully detailed and mutually consistent, the
escrow holder can take many actions on their behalf without further
consultation. This saves time and facilitates the closing of the
transaction.
The escrow process was developed to help facilitate the sale or purchase
of your home. The escrow holder accomplishes this by:
Acting as the
impartial "stake-holder," or depository of documents and
funds
Processing and
coordinating the flow of documents and funds
Keeping all parties
informed of progress on the escrow
Responding to the
lender's requirements
Securing a title
insurance policy
Obtaining approvals of
reports and documents from the parties as required
Prorating and
adjusting insurance, taxes, rents, etc.
Recording the deed and
loan documents
Maintaining security
and accountability of monies owed and owing.
Ask your local Real
Estate professional to recommend an escrow holder, such as a title
company, attorney etc.
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