Escrow refers to a type of account in which the funds, escrow "instructions" from both parties, an accounting of the funds and other documents necessary to complete the transaction by a certain date, is held by a third party, called an "escrow agent", until the conditions of an agreement are met. This is a form of an Escrow Agreement.
California Escrow Agreement
Category:
State:
Multi-State
Control #:
US-OG-213
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Word;
Rich Text
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How to fill out Escrow Agreement?
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FAQ
While many aspects of the home-buying process leave buyers confused, the escrow process is often at the top of the list for many. While the escrow process can seem mysterious and convoluted, it is the most commonly used procedure by which real estate is bought, sold, and refinanced in California.
It is the responsibility of the escrow officer (as the authorized representative of the escrow holder) to explain and to provide copies of the escrow instructions to the principals and to carry out what instructions may be required by the lender(s) when purchase money financing is a necessary part of the transaction.
In California, there are two forms of escrow instructions generally employed: bilateral (i.e., executed by and binding on both buyer and seller) and unilateral (i.e., separate instructions executed by the buyer and seller, binding on each).
Title companies handle closings through escrow in Northern California, whereas escrow companies and lenders handle them in Southern California.
The so-called escrow states are California, Washington, Oregon, Texas, Nevada, New Mexico and Arizona.
The escrow instructions define the events and conditions that must take place and the manner in which the escrow agent shall deliver or release to the beneficiary of the escrow the assets, documents, and/or money held in escrow. The escrow instructions are commonly contemplated by the escrow agreement.
California is a unique state where the Title company is typically separate from the escrow company. However, in some areas of Northern California, most notably the Bay Area & San Francisco, it's more common that the Title company processes the escrow internally.
The Escrow Holder must provide an accounting of where the money deposited by Buyer and his Lender went. The Escrow Holder collects the Buyer's downpayment and the Lender's loan funds. At the closing, using all funds collected, the Escrow Holder pays the Seller's loans, liens, and Vendor bills approved by parties.
Escrow instructions define the events that must take place prior to an escrow closing. The escrow instructions are your written instructions to the escrow holder acknowledging the terms and conditions of the sale. An itemized statement is included with your instructions, reflecting all agreed upon debits and credits.
Now let's break down what each of these types of escrow accounts would look like during the house buying process.Independently Buying or Selling a Home. As a buyer, you may not want to blindly trust the seller and give them your money directly.Real Estate Sales Escrow.Mortgage Escrow.Renters Escrow.Construction Escrow.
