What is Escrow?
This question is often asked by the general public. Escrows are baffling and intimidating to many people. If you are new to escrow, you may be confused by what you have heard. Have no fear. Escrow is a simple process when in the hands of knowledgeable professionals.

Simply put, the escrow process generates the needed documents and complies with the escrow instructions prior to "closing" and before funds can be disbursed. Upon closing, funds and title are transferred between the principals. An escrow, for the sale of property, is defined by the California Court of Appeal as three-party transaction involving a seller and a buyer, who have a binding contract with each other, and an escrow holder who is a neutral stakeholder, who holds, the other parties' money, written instrument, or property to be delivered upon the performance of prescribed conditions.
     
An escrow is for your protection. You want the assurance that no funds or property will change hands until ALL the instructions in the transaction have been followed. The escrow holder safeguards the funds and documents until both sides live up to their contractual obligations. If so instructed by the parties, the escrow holder pays all liens, encumbrances and other obligations of the seller, so that the buyer receives the property "free and clear," without successor's liability. For a more detailed explanation, please call D & G Escrow and any escrow officer will be happy to answer your questions.



 
Copyright © 2002-2017 RealtyTech Inc.     Privacy Policy  |  Terms of Use |  Agent Center    Real Estate Websites by RealtyTech Inc.