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Escrow Process* |
| By definition Escrow is the deposit of
instruments and funds with a neutral third party, with instruction to carry out the
provisions of an agreement of contracts. What is an Escrow? After a homeowner had agreed to sell to a homebuyer, escrow is opened by the real estate agent. The Escrow Officer prepares the escrow instructions in accordance with the agreement between the buyer and seller, as stated in the Real Estate Contracts. The escrow holder supervises that instructions of the contracts are carried out as agreed by the buyer and seller. Once the instructions are met, the escrow holder will: 1. Delivers to the buyer the documents needed to show ownership. 2. Delivers the funds handed by the buyer into escrow, for the agreed purchase price to the seller. |
| *Real Estate business practice varies from region to region. Information provided on this Webpage is base on the buying and selling process for Southern California, USA. To find out more about real estate business practice in any other city, contact local real estate professionals. |
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