As the neutral third party at the center of the transaction, escrow’s goal is to facilitate the transfer of property from the seller to the buyer. For some, the escrow process can be perceived as confusing, perhaps even overwhelming at times. Buyers and sellers are dealing with deadlines, mounds of paperwork, and signatures galore. It is not uncommon to feel anxious and have questions during the process.
At CV Escrow we strive to make your escrow as easy as possible. We know you may have many questions regarding escrow, so here we have illustrated the Life of an Escrow process. We also have the CV Escrow blog where we strive to educate home buyers, home sellers, and Realtors on the details of escrow which help make the transaction run smoother. If you have additional questions, please contact us or your escrow officer for further information. We look forward to hearing from you.
As the chart illustrates, the escrow company is the neutral third party that facilitates the closing process when real estate is purchased or sold. Escrow is involved in many of the details regarding the purchase or sale transaction. It is common for there to be myriad of details, and escrow works with many different parties, such as a title company, mortgage banker, seller’s agent, etc., during the escrow process. Escrow also holds the money associated with the transaction until the requirements of the contract are accurately completed. Once escrow has facilitated the completion of the legal and contractual items, the transaction is recorded at the county and the buyer becomes the new legal owner of the property.
There are many details buyers and sellers should become aware of to facilitate a smooth escrow process. Many of these details are items we discuss on our blog in an effort to help demystify this complicated process. The chart above serves as the foundation for most transactions and can be used as a basis for further discussion or questions you may have with your escrow officer.