Page 19 - CTT buyer Seller 2021_English_Flipbook_1

WHAT IS ESCROW?
CHICAGO TITLE CALIFORNIA BUYER & SELLER GUIDE
What is Escrow?
Buyer and sellers of a piece of property
establish terms and conditions for the transfer
of ownership of the property. These terms and conditions are given to a third party known as
the escrow holder. The escrow holder has the responsibility of seeing that the mutually agreed upon, written instructions provided to escrow by the buyer and seller are carried out. The escrow is an independent neutral account and the vehicle by which the mutual instructions of all parties to the transaction are complied with.
Why is Escrow Needed?
Whether you are the buyer or the seller, you want assurance that no funds or property will change hands until all instructions have been followed. With the increasing complexity of business, law and tax structures, it takes a trained professional to act as the neutral third party acting only on the written, mutual instructions from the principals of the transaction.
How Long is an Escrow?
The length of an escrow is determined by the terms of the purchase agreement/joint escrow instructions and can range from a few days to several months.
Who Chooses the Escrow?
The selection of the escrow holder is normally done by agreement between the principals. If a real estate agent is involved, they may suggest an escrow holder.
Why Chicago Title Escrow?
Chicago Title Escrow has experienced and knowledgeable escrow officers waiting to
assist you. We can handle your residential and commercial purchases and/or refinance escrows, from the unique to the complex. Chicago Title has offices locally and nationwide to accommodate the most demanding buyers, sellers and borrowers. Call us today to close your next transaction.
19