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The escrow is a depository for all monies, instructions, and documents necessary for the purchase of your home, including your funds for the down payment and your lender's funds and documents for the new loan. Generally, the buyer deposits a down payment With the escrow holder and the seller deposits the deed and any other necessary documents with the escrow holder Prior to the dose of escrow the buyer deposits the balance of the funds required and agreed upon by the parties With the escrow holder.
The buyer Instructs the escrow holder to deliver the monies to the seller when the escrow holder:
The escrow holder thus acts for both parties and protects the interests of each within the authority of the escrow Instructions. Escrow cannot be completed until the terms and conditions of the instructions have been satisfied and all parties have signed escrow documents, The escrow holder takes instructions based on the terms of the purchase agreement and the lenders requirements.
The escrow officer's duties typically include the following:
Real Estate Agent: Physical aspects of property, conflicts, and terms of sale.
Lender: Loan terms, credit report issues, etc.
Escrow Officer: Escrow instructions, documents and forms to be filled out.
Karen Morton provides enthusiastic, personalized service with proactive representation throughout each transaction and beyond. Contact her today to discuss all your real estate needs.