Hi. My name is Jerry Ascencio and welcome back to my channel — REALTORofLA. Today I’m going to be talking about Escrow. What does Escrow mean? What is an Escrow?
Let me read the definition for you and then I’ll explain it just a bit more.
An Escrow is a 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 interest of parties to the transaction are protected.
Now what does that mean to you, if you’re a buyer or a seller? Who do they represent? They actually represent both parties. They make sure that they’re nor on the seller’s side and not on the buyer’s side. They’re actually on neither side. They make sure that the process keeps going, as long as there’s an agreement among both parties.
They also work with the lender, the appraiser, the title officer, the home warranty representative, the insurance representative, both realtors and then both sides of the transaction — which are the buyer and the seller. They also are the ones that setup for funding. They make sure that they setup for recording at the end and they basically handle most of the transaction, while working with both real estate agents and the rest of the team that are making sure to close the transaction for you.
Now, on the future videos I’m going to be making sure that I explain each part of this process and that I explain who is an appraiser, what is an appraisal, a lender? What is a title officer? Why do they need to be a part of the transaction? I’m going to be explaining all that. If you guys have any questions or any specific items that you want me to cover, make sure to comment below. I love to see peoples’ interaction and thank you so much for watching today. I look forward to serving you and your families.
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