LEARN ABOUT ESCROW
Learn About Escrow
A real estate transaction is complex. A typical transaction involves buyers, sellers, and their respective representatives (including Realtors) as well as lenders, surveyors, appraisers, attorneys and more. Also required is proper documentation and of course money!
At Security Title, we have the management of intricate real estate transactions down to a science. Experience the peace of mind that comes from knowing our escrow officers have got your back!
The Role of Escrow in Real Estate
During the escrow process we gather and keep documents and funds in our care. We release those documents and funds only when agreed upon conditions have been met. As a neutral third party to the transaction, the Escrow Officer keeps the process on track toward closing.
During the escrow process, the parties work with their Escrow Officer who acts as a facilitator and depository in order to meet the requirements of the purchase agreement and escrow instructions.
Once all the terms and conditions have been met, the Escrow Officer oversees the close of the transaction, ensuring that documents are recorded, funds are disbursed and all parties are paid.
What Happens in Escrow
The Escrow Officer collects escrow instructions from the buyer, seller, and lender and ensures that the instructions are consistent.
They order a Preliminary Title Report, to examination the title for any legal, financial, or physical property defects that might attach to the property.
Once the required documents and funds have been submitted, the mortgage application has been processed and approved, the legal documents have been prepared and the closing statement is ready, the Escrow Officer facilitates final settlement of the transaction.
To complete the transaction the Escrow Officer ensures that the deed is recorded with the appropriate government agency in Guam or the Commonwealth of the Northern Mariana Islands. They disburse funds
Finally, the escrow officer provides the buyer with an owner’s title insurance policy that guarantees their ownership to the property.