Closings and Escrow with American Abstract & Title Company

Closings and Escrow

How Escrow Works

Once your offer on a home or other real property has been accepted by the seller, your transaction is then placed into "escrow."

"Escrow" is a term that describes the neutral third-party handling of funds, documents, and tasks specific to the closing (or settlement, as it is also known), as outlined on the real estate purchase agreement or sales contract. The purpose of escrow is to facilitate the transaction by managing the disbursement of funds and documents.

Escrows provide assurance that no funds or property will change hands until all instructions for the transaction have been completed.

Key roles in the Escrow process...

The Buyer

Reads and understands the escrow instructions, agreements, terms and conditions

Responds promptly to any correspondence regarding the transaction

Carefully reviews all closing documents

Confirms the purchase price and costs of all services

Prepares for any funds required to close the transaction

Safely stores closing statements and other escrow documents for tax purposes

 

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Tips for a Timely Closing for the Buyer

The Seller

Reads and understands the escrow instructions, agreements, terms and conditions

Responds promptly to any correspondence regarding the transaction

Carefully reviews all closing documents

Confirms the selling price and closing costs

Prepares for any funds required to close the transaction

Safely stores closing statements and other escrow documents for tax purposes



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Tips for a Timely Closing for the Buyer

The Real Estate Agent

Provides the escrow officer with information necessary to create the escrow instructions

Facilitates communication between all parties to the transaction

Tracks milestones within the transaction to expedite the process

Helps resolve possible issues between buyer and seller

 

 

 



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Tips for a Timely Closing for the Buyer


For additional information and helpful tips regarding you closing, please visit our Tips & Downloads page under the Resources section of our website.