Escrow

The term "escrow" means any agreement between two or more parties wherein the delivery of instruments, monies, items of value, or evidence of title to real or personal property are deposited with a neutral third party (the escrow agent). This agreement contains specific written instructions executed by all parties to the transaction.

An escrow:

• Receives a completed and fully executed purchase and sales agreement and/or lender's instructions
• Orders and delivers a commitment for title insurance to the parties of the transaction
• Orders all necessary payoff statements and demands to clear the title
• Prepares and/or secures all necessary documents to transfer title
• Prepares the estimated and final closing statements
• Obtains all necessary signatures, funds, and documents to close the transaction
• Records and delivers all necessary documents and disburses the funds according to the parties and/or lenders instructions

Real estate transactions, whether they are loan or sale transactions, are commonly closed by title companies through their escrow departments. First American offices perform a full range of escrow functions. Please contact one of our offices for information by clicking on the office directory.