Escrow Overview – VicREALTOR.com

LIFE OF AN ESCROW:

By design an Escrow is a neutral party with the sole purpose of seeing that the terms and conditions agreed upon by both buyer and seller are carried out. No one party can make any adjustment to the Escrow without getting the consent of the other party (mutual consent) and then presenting that adjustment to Escrow for process.

It is to your benefit to work closely with your Escrow Officer as their interest is to make sure both sides get all the pertinent documentation processed in a timely manner, which typically range from 25 to 45 days for a property purchase requiring a loan.

What services does escrow provide for me?

Collects all funds, instructions and documents necessary to process the sale of the property.
Reviews Title and addresses all requirements to clear a title.
Records the deed.
Delivers a policy of title insurance to the buyer which shows the property has transferred ownership into the buyer’s name.

The following diagram illustrates all the moving parts of an Escrow Process. You can use this chart to keep you current as the Escrow moves towards a closing date and better understand the requirements stated by your Escrow officer.

Flow Chart provided by our friends at Hallmark Escrow.