WHAT IS AN ESCROW?
The escrow is the process of having a neutral party manage the exchange of money for real property. The escrow holder is known as an escrow or settlement officer or agent. The buyer deposits funds and the seller deposits a deed with the escrow holder along with all of the other documents required to remove all ‘contingencies’ (conditions and approvals) in the purchase agreement prior to closing.
LIFE OF AN ESCROW – CHART
(Courtesy of Placer Title Company)