Real Estate escrow involves the deposit of funds, a deed or other instrument by one party for the delivery to another party upon completion of a specific condition or event. It is an independent neutral account by which the interests of all parties to the transaction are protected..
When opening an escrow, the property buyer and seller establish terms and conditions for the transfer of ownership of the property. These terms and conditions are given to a third, impartial party known as the escrow holder. The escrow holder has the responsibility of seeing that the terms and conditions are carried out.
The hold-back escrow is a "storehouse" for all monies, agreements and necessary documents required for the real estate transaction.
The Escrow Process
- The buyer, seller, lender and/or borrower initiates an escrow instruction on Equityval.
- The escrow holder - Equityval processes the escrow in accordance with the escrow instructions.
- Upon meeting all conditions required as set out by both parties, the escrow is closed.
- Prior to close of escrow, the buyer deposits the funds required with the escrow holder.
- The buyer instructs the escrow holder to release the money to the seller upon closing of escrow.
