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Escrow: What is it and why do we need it?
Escrow, whether your selling your home on your own or with an agent, you need it, but why? What is it?
An escrow, which is a noun, refers to the binding Purchase Agreement that you or your agent may have negotiated with the buyers. It is the final, agreed upon document that is then sent into to someone called an escrow officer. As a buyer, you will also send what is called an earnest money deposit made out to “escrow” when you submitted the offer. This check is picked up by a carrier or dropped off to the escrow office.
An escrow officer is a third party individual, usually selected by the agent, to handle all escrow documents. These hard working agents work with the agent, the title officer and the lender (if needed).
With out the escrow process and officer, buying and selling a home would be very different. Even though a third party, the escrow officer keeps the process streamlined. Any new updates from the lender go to the officer and the officer reports to the agents. It goes the same if there are any updates from the agents, it will be broadcast out to all that needs to know.
They help make the process smooth with out any errors, hiccups or reasons for the transaction to stall.
I honestly don’t know what I’d do without them!