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ESCROW
Escrow is a service which provides the public with means of protection in the handling of funds and documents. Escrow enables the buyer and seller to transact business with each other through a neutral party, thereby minimizing their risk.
All About
Do I need an Escrow?
If you are the buyer, seller, lender or borrower, you will want to ensure that your currency or real estate will not change hands until all of the stipulations in the transaction have been followed.
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The escrow holder has the obligation to safeguard the funds and/or documents while they are in their possession, and to disburse funds and/or convey title only when all provisions of the escrow have been complied with.
Who chooses the Escrow?
If you are the buyer, seller, lender or borrower, you will want to ensure that your currency or real estate will not change hands until all of the stipulations in the transaction have been followed.
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The escrow holder has the obligation to safeguard the funds and/or documents while they are in their possession, and to disburse funds and/or convey title only when all provisions of the escrow have been complied with.
How does it work?
The buyer, seller, lender and borrower will usually have the escrow instructions created, usually in writing, and then signed and delivered to the Escrow Officer. If a broker is involved, s/he will normally provide the Escrow Officer with the information necessary for the preparation of the documents.
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The Escrow Officer will then process the escrow, according to the instructions, and when all of the required terms have been met, the escrow will be “closed”. Although each escrow will follow a similar pattern, each one is different as it deals with the property and the transaction at hand.
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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, paying all approved bills, responding to authorized requests from the principals and closing the escrow only when all terms have been met.