Most people will agree that buying a home is one of the BIGGEST investments they'll ever make. Like any investment, real estate comes with long term costs that need to be considered and budgeted
WHAT IS ESCROW
Dated: January 1 2019
WHAT IS ESCROW?
What is Escrow?
Once your offer on a home or other real property has been accepted by the seller, your transaction is then placed into "escrow."
The purpose of escrow is to facilitate the transaction by managing the disbursement of funds and documents.
Key Players in the Escrow Process
Your escrow officer will play a key role in the process, but homebuyers, sellers, lenders and real estate professionals are also integral throughout the process.
While a real estate agent may recommend Alliance Escrow Inc, the buyer and seller have the right to choose their settlement service providers.
Escrow Officer's Job
Adheres to escrow instructions (outlined in the sales contract)
Process the escrow
Close the escrow
Pay bills, fees and charges as outlined in the instructions
Provides settlement closing statement