Woodhill Homes Blog

From the “What is Escrow” series provided by Lori Tubbs, Chicago Title Insurance Company of Oregon.

What service does an escrow agent perform?
An escrow agent prepares the necessary instructions from the buyer and seller and receives the necessary documents and funds. They prorate rent, taxes, interest on liens to be assumed, and obtain endorsements of existing fire insurance policies. Escrow agents also clear drafts deposited by the purchaser, obtain title insurance for protection of the buyer, and pay liens and costs authorized by the parties. They are responsible for the recording of all legal documents and disbursement of funds at the closing of the transaction, as well as, furnishing each party a closing statement showing the disposition of funds.

Share This

From the “What is Escrow” series provided by Lori Tubbs, Chicago Title Insurance Company of Oregon.

Why use an escrow?
Escrow provides a mechanism to assure safety and convenience in carrying out the provisions of the earnest money agreement or contract. It also assures that the strict body of rules for real property transactions is carefully observed. An escrow placed with Chicago Title Insurance Company provides:

• A financially responsible and neutral third party who holds the funds and documents and makes concurrent delivery of the deed to the buyer and purchase money to the seller at the moment when the terms and conditions of the transaction have been performed.

Share This