Page 14 - Kim Sargent GuideBuyerCustom.pdf

Who Needs Escrow?

You do…if you are buying or selling a house, business, 3. What transaction types necessitate
income property, mobile home, or if you are involved in any Escrow?
other transaction which may require the transfer of
documents or funds. •Residential Sale Transactions
1. What is Escrow? •Refinancing a Mortgage
It is an agreement in which a buyer and seller appoint an •Sale of Income and Commercial Property
impartial third party to hold funds and/or documents. For •Subdivisions
example, in a real estate transaction, an escrow officer •Mobile Home Sales
would hold the seller’s deed and the buyer’s funds. •Construction Loans
2. What does an Escrow Officer do?
Our escrow officers act for all parties to the escrow. We 4. Who pays the Escrow cost?
hold such documents as deeds, bills of sale, releases and The escrow cost is a matter of agreement between the
any special reports needed and have the necessary parties, as is the choosing of the escrow company.
documents recorded. We act as the depository of money
involved in the transactions. We can see that taxes, fees,
interest and commissions due are paid, and we disburse Driggs Title will serve as an impartial third
funds in the correct amounts at the proper times. In an party during your real estate transaction.
escrow transaction, an escrow officer makes sure your
written instructions are carried out before exchanging the
funds and/or documents.

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