The term "escrow" means any agreement between two or more parties wherein the delivery of instruments, monies, items of value, or evidence of title to real or personal property are deposited with a neutral third party. This agreement contains specific written instructions executed by all parties to the transaction. This neutral third party is referred to as the “escrow agent”.

The escrow agent:

Receives a complete and fully executed Purchase and Sale Agreement and/or Lender's Instructions

Orders and delivers a commitment for title insurance to the parties to the transaction

Orders all necessary payoff statements to pay in full the existing loans, or monies owed, by the current owners and demands to clear the title

Prepares and/or secures all necessary documents to transfer title

Prepares the estimated and final closing statements

Obtains all necessary signatures, funds, and documents to close the transaction

Records and delivers all necessary documents and disburses the funds according to the parties and/or lenders instructions

Real estate transactions, whether they are loan or sale transactions, are commonly closed by title companies through their escrow departments.

First American Title Company

Text FIRSTAM.TITLECO to 72727

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