So often we hear the question “What is escrow exactly? I know I had an escrow when I bought/sold my house/business. But what is it exactly?”
The more technical definition of escrow is when a deed, bond, or other document is kept in the protection of a third party (like us!), only in effect when a SPECIFIED CONDITION has been met (i.e. conditions that are drawn up in your contract). The most common times an escrow is needed is for the sale or purchase of property or business.
So think of us as the do-gooder, intermediary. We are the holding reservoir that takes in all important documents and funds once the escrow is opened. Meanwhile the buyer, seller, and any parties involved will be working out other details of the transaction. We then make sure the closing goes smoothly, and that everyone receives the correct documents and are paid what they’re owed.
After closing, one of our Escrow Agents will complete and file any remaining paperwork. Then the process is complete! So while not many people know what escrow is, we are trying to change that because what we do is so vital and important. We want our clients to be safe and treated fairly, and we want our community to thrive. Part of making that happen is by making sure business and monetary transactions go through without worry and without breaking our word (signed or otherwise). To us it seems like common sense, but sadly it isn’t always in this day and age.
Many thanks to our clients and community for making our passion come to life! Check back often as we will be adding lots of new information and updates on upcoming events!!