Page 12 - John Lorson_Seller_Guide
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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.
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