Page 12 - Victor Alvarado Seller Guide
P. 12

Who Needs Escrow?









































            You do…if you are buying or selling a house, busi-    In an escrow transaction, an escrow officer makes
            ness, income property, mobile home, or if you are     sure your written instructions are carried out before
            involved in any other transaction which may require   exchanging the funds and/or documents.
            the transfer of documents or funds.
                                                                  What transation types necessitate
                                                                  Escrow?
            What is Escrow?
            It is an agreement in which a buyer and seller ap-    • Residential Sale Transactions
            point an impartial third party to hold funds and/or   • Refinancing a Mortgage
            documents. For example, in a real estate transaction,   • Sale of Income and Commercial Property
            an Escrow Officer would hold the seller’s deed and    • Subdivisions
            the buyer’s funds.                                    • Mobile Home Sales
                                                                  • Construction Loans

            What does an Escrow Officer do?
            Our escrow officers act for all parties to the escrow.   Who pays the Escrow cost?
            We  hold  such  documents  as  deeds, bills of sale,   The escrow cost is a matter of agreement between
            releases and any special reports needed and have      the parties, as is the choosing of the escrow
            the necessary documents recorded. We act as the       company.
            depository of money involved in the transactions.
            We can see that taxes, fees, interest and commis-     *Driggs Title Agency will serve as an impartial
            sions due are paid, and we disburse funds in the      third party during your Real Estate transaction.
            correct amounts at the proper times.




       www.driggtitle.com                                                                                          12
   7   8   9   10   11   12   13   14   15   16   17