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What is Escrow and why is it needed?
 The escrow process evolved to ensure protection for all parties involved in a real estate transaction. A “neutral third party” is chosen to hold the funds until the purchaser received appropriate assurance that the property had been transferred. The escrow is handled by an escrow officer that is selected by either the buyer or seller, but is usually recommended by the real estate agents involved in the transaction. All parties are protected because the Title/Escrow Company will retain funds and documents until all the instructions are fulfilled.
An escrow is created when money, purchase agreement and/or other documents are deposited with an escrow officer. The escrow officer’s responsibility is strictly governed by written instructions, mutually agreed upon by parties involved. The instructions direct the escrow officer to perform duties necessary to complete the transaction. A few of the tasks which may be required are:
- Prepare escrow instructions
- Receive and deposit earnest money
- Order information for payoff of existing liens
- Calculate and/or prorate taxes, liens, interest, rents and insurance policies
- Make arrangements for title insurance protection for the buyer and lender
- Prepare and/or receive documents relating to the escrow
- Request and receive funding from new lender when conditions have been satisfied
- Record deeds and any other documents as instructed
- Close the escrow and disburse funds as agreed upon in the agreement
- Prepare a closing statement for all parties involved in the transaction
The Title and Escrow Company does not offer legal advice, negotiate the transaction or offer any investment advice!
There are many great Title and Escrow Companies in the Las Vegas Valley! Don’t hesitate to contact us at 702.376.0088 to see who we recommend!
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