Business / Real Estate / Escrow: The process by which money and/or documents are held by a disinterested third person (a stakeholder) until satisfaction of the terms and conditions of the escrow instructions (as prepared by the parties to the escrow) have been achieved. Once these terms have been satisfied, delivery and transfer of the escrowed funds and documents takes place. Although is some states a real estate broker is authorized to handle escrow functions, the common practice is to employ the services of a licensed escrow company, title company or lending institution.
Business / Real Estate / Escrow Agent-Officer: An individual qualified to perform all the steps necessary to prepare and carry out escrow instructions. Tasks include obtaining title insurance, securing payoff demands, prorating taxes, interest, re MORE
Business / Real Estate / Escrow Instructions: In a sales transaction, a writing signed by buyer and seller that details the procedures necessary to close a transaction and directs the escrow agent how to proceed. Sometimes the buyer and seller ex MORE