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What is Escrow?

 

What is Escrow?

Once your offer on a home or other real property has been accepted by the seller, your transaction is then placed into "escrow."


The purpose of escrow is to facilitate the transaction by managing the disbursement of funds and documents.


Key Players in the Escrow Process

Your escrow officer will play a key role in the process, but homebuyers, sellers, lenders and real estate professionals are also integral throughout the process.


While a real estate agent may recommend Alliance Escrow Inc, the buyer and seller have the right to choose their settlement service providers.


Escrow Officer's Job

Adheres to escrow instructions (outlined in the sales contract)

Process the escrow

Close the escrow

Pay bills, fees and charges as outlined in the instructions

Disburses funds

Provides settlement closing statement

 

This post is a guest post by Justen Brown of Alliance Escrow. Learn more about Justen and contact him here.

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