Escrow Company, Research Paper Example

How does the company works?

Escrow opens after escrow holders receive the purchase agreement. The delivery of the signed purchase agreement is made possible with the help of selling broker. After the escrow officer receives purchase agreement he/she assign the transaction escrow number. When one calls the escrow officer he/she is required to have escrow number; this help escrow officer to locate ones file easily.

The applicable broker usually provides the Escrow officer with significant information concerning transaction. These include; principals name, contact information, lending, title information and other required particulars. The escrow officer orders a real property title location with the respective company parties; this is done after the escrow opens. If he discovers that some requirements are missing, Escrow instructions are approved by the brokers taking part in transaction after which it is sent for party signature.

How real estate transactions are closed?

The real estate transactions are closed when all the conditions needed in the escrow instructions is found satisfactory. Meaning escrow will be complete. The escrow officer releases funds and documents following instructions in the escrow, pay all bills as mandated and facilitate delivery of final closing statement to the parties.

What are the closing costs?

Closing costs is the variety of costs encountered by the buyer or seller in excess of selling price. The closing costs are determined by the settings of the contract, type of transaction and location of the property. There are some fees required to be settled this include, fees to obtain new loan, fees for documentary transfer taxes, and real estate commissions.

My experience with the escrow company is remarkable. Escrow is genuine, reliable and ensures its clients are provided with the required services. This therefore qualifies it as the best title company to be approached.