ABOUT CLOSED ESCROW
Closed Escrow is committed to guiding our clients through all aspects of the sale/purchase transaction process while serving their best interests from start to finish. Transferring ownership of a property can be a complex process, and we are here every step of the way to ensure a seamless transition and peace of mind throughout this major milestone. With nothing to gain or lose from the sale, we remain a neutral third part throughout the transaction process.
To offer the best escrow services available, we remain in constant communication with all parties, provide key updates on the status of documents, keep a realistic and simplified timeline, and maintain the highest level of professionalism at all times. Closed Escrow’s impeccable reputation as leaders in our industry comes from our expertise, thoroughness, long lasting relationships and dedication to all parties involved.
What Is Escrow?
An escrow is a deposit of funds, a deed or other instrument by one party, for the delivery to another party, upon completion of a specific condition or event. It is an independent, neutral account, by which the interests of all parties to the transaction are protected. A successful escrow is usually the product of an experienced team of escrow, title, and real estate professionals working together to guide the parties through a close.
What Is The Role Of An Escrow Holder?
An escrow holder is a neutral third party who holds legal documents and funds on behalf of sellers and buyers, disburses the funds according to escrow instructions, and maintains accountability of monies owed throughout the escrow process. The main objective of an escrow holder is to make sure a sale remains on track to close in a timely manner by following the guidelines of the purchase contract and the interested parties’ instructions, all within city, state, and county guidelines.
Some of the duties of an escrow holder include:
Opening a title order with the designated title company and working with the title company to clear any existing title issues
Obtaining signatures from all parties on escrow instructions, amendments, disclosures and city/county reports
Collecting funds from the buyer and/or lender
Prorating interest, taxes, rents and security deposits
Disbursing all funds and paying any bills associated with the closing
What are the duties of all parties involved?
At Closed Escrow, our in-house department handles all aspects of the escrow process for buyers and sellers. We arrange the title search, give each party instructions, schedule the closing meeting, work with the title company to clear any title issues, disburse all funds and ensure all county records are complete.
With our guidance and instruction, the seller executes and deposits a grant deed to transfer ownership of the property to the buyer. The seller executes all escrow items provided by the escrow holder and fulfills any other conditions specified in the purchase contract and escrow instructions to complete the sale with a clear title.
During escrow, the buyer deposits the initial deposit and any other required funds. Like the seller, the buyer also executes all escrow items provided by the escrow holder and fulfills any other conditions specified in the purchase contract. The buyer will also need to approve any possible inspections, title reports and hazard insurance for escrow to close.
The lender advises the escrow holder of a loan’s conditions so the lender’s funds may be used toward the sale. The lender will then provide the escrow holder with loan documents to process and obtain the seller’s and the buyer’s signatures. Finally, once the loan process is complete, the lender wires funds to title just prior to the close of escrow.