Congratulations, you have sold or purchased property! Your next step is signing papers to enter into escrow with an escrow agent, also known as the closing agent. The meaning of escrow is: a deed, deposit of funds or any other instrument by one party for the delivery to another party upon completion of a circumstance or event.
The broker will typically choose the escrow agent but individuals involved in the transaction can also request a specific agent or company they trust. The agent reviews the agreement, the terms of the escrow and the legal steps that are required to be taken.
An escrow agent can be an attorney or an officer of a title insurance company. As such, the agent will accept the escrow account from the buyer and ensure the buyer’s lender funds are disbursed, permitting the buy-sell contract.
The escrow agent benefits the parties by transferring the property from one party to another when a property is purchased. This is beneficial to both the buyer and seller because it allows professional dealings to transpire between the two parties and documentation is reported through a neutral entity. The escrow agent assures that no property or funds will change ownership until all the transaction steps are obeyed. An escrow agent is obligated to safeguard the funds, documents and to disperse the funds or convey the title only when all sections of the escrow have been complied.
At Landmark Title we understand that real estate is a detailed business.
We pride ourselves in our ability to anticipate challenges and overcome obstacles to ensure your transaction is completed to your satisfaction. We have an experienced team of escrow officers to provide title and escrow services for both commercial and residential transactions.