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A non-independent broker escrow
Executive Escrow Services
We provide full escrow services for all Realty Executives Dillon transactions
Conveniently located and always ready to help
MEET THE TEAM LEAD
Amanda Gomez
Escrow Officer
(619) 489-5612
DRE #01233826
Executive Escrow Services
What Is An Escrow?
An escrow is a deposit of funds, a deed, or another instrument by one party for delivery to another party upon completion of a specific condition or event. It is an independent, neutral account designed to protect the interests of all parties involved in the transaction.
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When opening an escrow, the buyer and seller establish terms and conditions for the transfer of ownership of the property. These terms are given to a third, impartial party known as the escrow holder, who is responsible for ensuring the terms are carried out.
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The escrow acts as a “storehouse” for all monies, instructions, and documents necessary for the sale of your home. This includes the buyer providing funds for a down payment and the seller depositing the deed and any other required documents.
Why Do I Need An Escrow?
An escrow provides a guarantee that no funds or property will change hands until all terms and conditions have been met. The escrow holder is responsible for safeguarding the funds and/or documents and will only release the funds or transfer the title once all escrow requirements have been fulfilled.
How Does The Escrow Process Work?
The buyer, seller, lender, and/or borrower cause escrow instructions to be created, signed, and delivered to the escrow officer. The escrow officer then processes the escrow in accordance with these instructions. When all required conditions are met, the escrow is considered “closed.”
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Prior to the close of escrow, the buyer deposits the necessary funds with the escrow holder. The buyer instructs the escrow holder to release the funds to the seller when:
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The deed records, and
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A policy of title insurance is prepared and delivered to the buyer.
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The escrow holder acts for both parties and protects their interests within the scope of the escrow instructions. Escrow cannot be completed until all instructions have been fully satisfied and all parties have signed the escrow documents. The escrow holder takes instructions based on the terms of the purchase agreement and the lender’s requirements.
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Duties of the escrow holder include:
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Managing funds and/or documents in accordance with instructions
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Paying all authorized bills
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Responding to requests from the principals
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Closing the escrow only when all terms and conditions have been met
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Distributing funds accordingly
How Do I Open An Escrow?
Upon receipt of a fully executed Residential Purchase Agreement, either the buyer’s agent or the listing agent will open escrow. The buyer is then responsible for forwarding the deposit to the escrow holder.
What Do I Need To Do Before My Appointment To Sign Escrow Papers?
All parties will sign escrow instructions. You will need to bring a valid driver’s license, state identification card, or current passport with you when signing. This is required to verify your identity by a public notary. This is a routine but necessary step for your protection.
What's The Next Step After I've Signed The Closing Escrow Papers?
After both parties have signed all necessary instructions and documents, the escrow officer will return the buyer’s loan documents to the lender for final review. Once the review is complete, the lender will notify the escrow officer that it is ready to fund the buyer’s loan.
How Long Is An Escrow?
The length is determined by the terms of the purchase agreement and can range from a few days to several months.
What Is A "Close Of Escrow"?
An escrow closing is the climax of the transaction, signifying the legal transfer of title from the seller to the buyer. Generally, the Grant Deed is recorded within one business day of the escrow holder’s receipt of loan funds. This completes the transaction and marks the “close of escrow.” Once all escrow conditions have been satisfied, the escrow officer informs you or your agent of the closing date and handles the technical and financial details. The final closing documents are disbursed upon close of escrow, after the escrow officer verifies with the County Records Office that the documents have been recorded and the legal transfer has occurred.
