What is an Escrow?
An escrow is an arrangement that allows for a neutral third party (the escrow holder) to receive and disburse money and documentation for the primary parties involved in a transaction (in this case the buyer and the seller).
The escrow agent will work closely with the buyer and seller, their realtors, and the lender to make sure that all the necessary sale conditions are met on time, as described in the Residential Purchase Agreement and Joint Escrow Instructions. Once the proper documents have been executed, the escrow agent will prepare an Addendum to the Purchase Agreement and Joint Escrow Instructions and distribute the documents as per the buyer’s and seller’s instructions. These instructions will be drawn by the escrow agent and signed by the buyer and seller.
As a representative of the escrow holding company, the escrow agent’s job is to faithfully carry out the buyer’s and seller’s instructions relating to the transaction. The escrow agent has a legal duty to inform the buyer and the seller if any of the instructions they have provided are inconsistent or cannot be carried out.
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