Page 6 - Patti Dropping_FIRPTA_Guide
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Who needs Escrow?
You do…if you are buying or selling a house, In an escrow transaction, an escrow officer
business, income property, mobile home, or if makes sure your written instructions are
you are involved in any other transaction which carried out before exchanging the funds and/
may require the transfer of documents or funds. or documents.
What transaction types necessitate
What is Escrow? Escrow?
It is an agreement in which a buyer and seller
appoint an impartial third party to hold funds • Residential Sale Transactions
and/or documents. For example, in a real • Refinancing a Mortgage
estate transaction, an Escrow Officer would • Sale of Income and Commercial Property
hold the seller’s deed and the buyer’s funds. • Subdivisions
• Mobile Home Sales
• Construction Loans
What does an Escrow Officer do?
Our escrow officers act for all parties to the
escrow. We hold such documents as deeds, Who pays the Escrow cost?
bills of sale, releases and any special reports The escrow cost is a matter of agreement
needed and have the necessary documents between the parties, as is the choosing of the
recorded. We act as the depository of money escrow company.
involved in the transactions. We can see that
taxes, fees, interest and commissions due are *Driggs Title Agency will serve as an impartial
paid, and we disburse funds in the correct third party during your Real Estate transaction.
amounts at the proper times.
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