What is Escrow?

Your agent represents you and your best interests. The seller's agent represents him and his best interests. Who is going to help you find a neutral middle ground? That is what your escrow officer will do for you.

When your contract (offer) is accepted, your agent will deposit your earnest money deposit with the title company. It will be cashed and put into an escrow account that neither you nor the seller has access to except with the written permission of both of you.

The escrow officer will accept copies of all of the transaction documents from both agents during the purchase and re-write the contracts into language and documents that can be recorded by the county. The escrow officer will communicate with your lender and obtain all of the documents that you need to sign in order to get the loan for your home and speak to the seller's lender so that they can pay off the existing liens on the property before you take title.

You will go to the title company and sign all of these documents at one time. It is your signing or closing appointment, but YOU DO NOT GET THE KEYS AT THIS APPOINTMENT. Once you have signed all the documents and the seller has signed all of his, the escrow officer submits documents to your lender and receives a check for the full purchase price. They pay off the seller's loan, record the documents with the county showing that you are the new owner, pay your taxes and fees for you and then calls you to tell you that you are "on record". This is the term for it is actually your home, you may have the keys.

Keep your escrow officer's business card. In the event that you have a drastic life change (divorce, marriage, establish a trust, refinance) your repeat business may allow you to negotiate lower fees for title changes and updates.