If you look up the term Escrow in the dictionary it will give you a definition like this, “a bond, deed, or other document kept in the custody of a third party, taking effect only when a specified condition has been fulfilled, OR a deposit or fund held in trust or as a security” Yes, this is the Webster dictionary definition, but Escrow is so much more than that!!
Escrow is the glue that holds your real estate transaction together. Escrow is the neutral 3rd Party in the transaction that ensures that everything is done, paid, and transferred correctly from seller to buyer.
You wouldn’t want to hand your earnest money deposit directly to the seller and hope they will deliver their deal of the bargain, would you? It’s Escrow’s job to check and double check all the legal work to make sure they are fair and equal!
That is what makes it so essential to find a good Escrow Company. But how do you do that?! How do you know which Escrow company is better than rest?!
We asked a few people to see what they had to say!
“Look for a company that has experienced Escrow Officers” Says Pam Reifeiss of Oakwood Escrow. “Escrow has many layers and you need someone you can foresee possible issues and be proactive, not reactive. It’s imperative that you have an Escrow Officer who is willing to work with you and educate you on the processes each step of the way.”
Remember that Escrow is the glue of the transaction, so make sure you find one that will stick