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 “stakeholder,” 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.