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Escrow What is Escrow?What is Escrow?

Escrow is an arrangement in which a neutral third party, called an escrow agent, holds legal documents and funds on behalf of a buyer and seller, and distributes them according to written instructions. The escrow agent ensures the buyer and seller hold to all agreements before the transaction is finalized.

Escrow agents ensure that:

  • The transaction will close properly and on time
  • All terms and conditions of the agreement between the buyer and seller are met prior to the sale being finalized
  • All required forms have been completed, release documents for any loans or liens have been obtained, and all outstanding fees are collected so that title to the property can be transferred from the seller to the buyer

 

An escrow agent will perform the following functions:

  • Prepare escrow instructions
  • Request title search
  • Prorate insurance, tax, and interest
  • Record deeds and other documents
  • Request title insurance policy
  • Close escrow
  • False impersonation of the true owner of the property
  • Forged deed, releases or wills, instru­ments executed under invalid or expired power of attorney
  • Undisclosed or missing heirs
  • Mistakes in recording legal documents
  • Misinterpretations of wills
  • Deeds by persons of unsound mind
  • Deeds by minors
  • Fraud
  • Liens for unpaid estate, inheritance, income, or gift taxes

Jimmy Miller | Regional Vice President | Miller Home Title | 5326 Detroit Rd | Sheffield Village, OH 44035 440-934-3003 Office | 800-745-0001 Fax | 216-314-1840 Cell | [email protected]

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