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What is Escrow?

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Why do I need an escrow?

Whether you are the buyer, seller, lender or borrower, you want the assurance that no funds or property will change hands until all of the instructions in the transaction have been followed. The escrow holder has the obligation to safeguard the funds and/or documents while they are in the possession of the escrow holder and to disburse funds and/or convey title only when all provisions of the escrow have been complied with.

How does escrow work?
Who chooses the escrow company?

The selection of the escrow holder is normally done by agreement between the principals. If a real estate broker is involved in the transaction, the broker may recommend an escrow holder. However, it is the right of the principals to use an escrow holder who is competent and who is experienced in handling the type of escrow at hand. There are laws that prohibit the payment of referral fees; this affords the consumer the best possible escrow services without any compromise caused by a person receiving a referral fee.

What do I have to do while in escrow?
Escrow and your new loan
What is a closing statement?
Your closing statement and all other escrow papers should be kept virtually forever for income tax purposes
What fees and costs will be charged?
What about cancellations?