Welcome and thank you for visiting
Escrow Palace!
When it comes to finances, buying or selling a home is
usually the most important investment a person will make. At
Escrow Palace, we are dedicated to providing personalized
escrow services tailored to your specific needs.
+ What is Escrow?
Escrow is a legal arrangement in which an asset (such as cash, real property or other tangible assets) is deposited into safekeeping (e.g. a bank account) under the trust of a neutral third party (escrow agent) pending satisfaction of contractual contingency or condition. Once the condition has been met, the escrow agent will deliver the asset to the party prescribed by the contract.
+ Types of Escrow
Escrow is best known in the United States in the context of real estate (specifically in mortgages where the mortgage company establishes an escrow account to pay property tax and insurance during the term of the mortgage). Escrow companies are also commonly used in the transfer of high value personal and business property.
+ Escrow instructions
Escrow instructions are "written documents, signed by the parties giving them, which direct the escrow officer in the specific steps to be completed so the escrow can be closed." The escrow officer is also called the escrow agent, licensed agent, escrow holder, or escrow depository.
+ Typical instructions.
These instructions usually include:
Who is the escrow holder.
Expected start and end dates for the escrow.
Amount of money and documents to be deposited.
How the escrow holder (or escrow agent) is to receive and hold the money
Conditions to end the escrow.
Authorization for the escrow agent to disburse funds for recording fees, title insurance, etc.
Proration schedule for the property tax and title insurance
Payment of prior liens, especially any mortgage.
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