There is much more to escrow than most people
realize. The most important thing you need to know is when your
escrow is actually considered open. It is not until you
finally give your deposit to your real estate agent and you and the
seller have signed the sales agreement. Once these steps have been
taken escrow is now open. Not all transactions involve a real estate
agent and if you do not have one the escrow can be opened by one of
the other parties, the buyer or the seller, it does not matter. Most
likely you will have already put down a deposit in good
faith.
Your real estate agent will be the one to take
this money and deposit in a safe account
where it
will be kept until the seller and the buyer agree upon all terms of
the sale. Your escrow will not be open until this money goes from
the hands of the real estate agent to those of an escrow agent. If
you are not dealing with an escrow agent you may use a lawyer or a
title company.
Now that escrow is open you
will receive a file number. There will be an escrow agent or officer
assigned to your file in order to see that everything goes smoothly
and according to plan. They will stick with you all the way to the
closing of the deal. It is through this agent that you will get in
touch with the title company or the closing company. It is this
person who will be there to answer any questions that you may have
about the entire process. No matter
when you need to get in touch with this officer they are there for
you.