What is Escrow?
By Tony Lewis, Summit Real Estate Group Valencia & Aliso Viejo
(Summit Real Estate Group)
Understanding the Duties & Responsibilities of Escrow: (Information shared by Glenoaks Escrow) The escrow process can be a complicated and often technical necessity of buying and selling real estate. Understanding the various duties and functions of the escrow can assist all parties in ensuring a successful and timely transaction. Escrow officer duties and responsibilities are as follows: Receive and hold buyer's funds in a non interest paying trust account during escrow. Read and comply with all agreements as detailed in the Purchase Contract and Joint Escrow Instructions. Follow mutually signed, written instructions agreed upon by buyer and seller during escrow. Prepare Escrow Instructions, Grant Deed, Estimated Closing Statement and any documents required to clear title or required b...
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