A neutral third party escrow is an essential but brief arrangement by which an independent party, known as an Escrow Agent (or a Settlement Provider or Closing Office) facilitates the transfer of property by collecting signed documents and funds from the Buyer and Seller for the purpose of closing a sale, exchange, or lease of real or personal property. The assigned escrow officer (in our case an affiliated attorney, Designated Escrow Officer (DEO), LPO, or supervised paralegal), will then follow the instructions within the contract documents, distribute funds, and record the documents to complete the transaction on a specified date. When acting in this role as a neutral party, PNWE does not represent any one party to the transaction and all parties are encouraged to seek independent legal advice prior to signing any document.
Buying or Refinancing a home? Here is what to expect from Escrow.
*All Seller financing would eliminate steps 5, 8 & 11 and all cash purchases would eliminate steps 5 & 8 and eliminate lender on step 11