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The word "escrow" is defined as follows: the state of a deed, funds, etc. put in the care of a third party until certain conditions are fulfilled.
This is what takes place immediately after both the buyer and seller, assisted by a qualified Real Estate Agent, have agreed to the provisions of a contract and have signed that contract. The Real Estate Agent then takes the contract to a competent Escrow Agent and the work of transferring the title to the property begins. A complete search of public records pertaining to the subject property is made to determine if, in fact, that property has marketable title. Simultaneously, proper instruments are prepared, taxes are prorated, lenders are contacted, assumptions and/or payoffs are ordered and inspections are completed. The Escrow Officer and Real Estate Agent work together to compile all needed paperwork and funds essential to close the transaction in an orderly manner. When the closing date comes, the Escrow Officer is then ready to disburse funds to the proper parties and record the new documents of ownership. The sellers receive the funds due to them and the buyers legally own their new property, with the assurance that the title to that property is free of any defects.