Pioneer Title Escrow Services (PTES)
Welcome to Pioneer Title Escrow Services (PTES), your trusted partner for Escrow Services for owner-financed home transactions. We specialize in providing secure, reliable, and transparent escrow solutions for both Buyers and Sellers involved in owner-financed real estate contracts, managing all the financial and legal aspects with neutrality and precision.
Whether you’re a Buyer making payments or a Seller offering financing options, you’ll find peace of mind entrusting PTES with the details. From holding and disbursing payments from Buyers to Sellers to handling property tax payments, insurance, and legal documentation, we take care of the details so you don’t have to. Our goal is to protect both parties, ensuring peace of mind that every step is carried out in compliance with the agreement and local regulations.
With Pioneer Title Escrow Services, you can be confident that your owner-financed home transaction will be handled professionally, securely, and transparently. Let us simplify your real estate contract and give you peace of mind throughout the process. Contact us today to learn more about how we can assist with your owner-financing needs!
Need To Make A Payment?
By Phone:
(575) 437-5810
Please have your Bank Account and Routing Number ready for all phone payments!
By Mail:
Send a check, cashier’s check or money order to:
Pioneer Title Escrow Services (PTES)
PO Box 249, Alamogordo, NM 88311
In Person:
Visit us at 909 Delaware Ave, Alamogordo, NM 88310
M-F 8am-5pm
Closed all Federal and major holidays
Make all Checks & Money Orders Payable To: Pioneer Abstract & Title Co. of Alamogordo, Inc.
About Escrow Closing
What Is An Escrow and Why Is It Needed?
An escrow is an arrangement in which a disinterested third party, called an escrow holder, holds legal documents and funds on behalf of a Buyer and Seller, and distributes them according to the Buyer’s and Seller’s instructions.
People buying and selling real estate often open an escrow for their protection and convenience. The Buyer can instruct the escrow holder to disburse the purchase price only upon the satisfaction of certain prerequisites and conditions. The Seller can instruct the escrow holder to retain possession of the deed to the Buyer until the Seller’s requirements, including receipt of the purchase price, are met. Both rely on the escrow holder to carry out faithfully their mutually consistent instructions relating to the transaction and to advise them if any of their instructions are not mutually consistent or cannot be carried out.
An escrow is convenient for the Buyer and Seller because both can move forward separately but simultaneously in providing inspections, reports, loan commitments and funds, deeds, and many other items, using the escrow holder as the central depositing point. If the instructions from all parties to an escrow are clearly drafted, fully detailed and mutually consistent, the escrow holder can take many actions on their behalf without further consultation. This saves much time and facilitates the closing of the transaction.
Who May Hold Escrows?
The escrow holder may be any disinterested third party. However, there are two important reasons for selecting an established, independent escrow firm, attorney, or escrow officer with a bank, S & L or title insurance company. One is that real estate transactions require a tremendous amount of technical experience and knowledge to handle smoothly. The other is that the escrow holder will generally be responsible for safeguarding and properly distributing the purchase price. Escrow officers with established firms generally are experienced and trained in real estate procedures, title insurance, taxes, deeds and insurance.
What Are Escrow Instructions?
Escrow instructions are written documents, signed by Buyer and Seller, which direct the escrow officer in the specific steps to be completed so the escrow can be closed.
Typical instructions would include the following:
1. The method by which the escrow holder is to receive and hold the purchase price to be paid by the Buyer.
2. The conditions under which a lapse of time or breach of purchase contract provision will terminate the escrow without a closing.
3. The instruction and authorization to the escrow holder to disburse funds for recording fees, Title Insurance Policy, Real Estate Commissions and any other closing costs incurred through escrow.
4. Instructions as to the proration of insurance and taxes.
5. Instruction to the escrow holder on the payment of prior liens and charges against the property and distribution of the net sale proceeds.
6. Instructions for Owner Financing, interest rates and late fees.
Since the escrow holder can only follow the instructions as stated, and may not exceed them, it is extremely important that the instructions be stated clearly and be complete in all details.