What is Escrow?

Escrow is the process where parties (buyers/sellers) transfer real estate documents, funds, and other valuable items with a neutral third party like an escrow agent. These items are held in trust by the escrow agent until a specific condition or event takes place according to mutual and specific instructions from both parties. In other words, escrow is the repository for your receipt, exchange, and distribution of items and documents that are needed in order to transfer or to finance real estate transactions. Once the necessary events occur or the conditions have been met, the distribution, sale, or transfer takes place. When all elements necessary to complete the transaction have happened, the escrow is then closed.

These blogs are for informational purposes only. Make sure you understand the features associated with the loan program you choose, and that it meets your unique financial needs. Subject to Debt-to-Income and Underwriting requirements. This is not a credit decision or a commitment to lend. Eligibility is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral, and underwriting requirements. Not all programs are available in all areas. Offers may vary and are subject to change at any time without notice. Should you have any questions about the information provided, please contact us.