What is an Escrow?
Escrow is a secure and neutral third party that handles the funds and documents that are used to complete the transfer of real property. The escrow firm, such as Cameo Escrow, is entrusted with the safekeeping of the documents and funds until the contractual obligations of the principals (Buyer, Seller, Lender, Borrower) have been fulfilled.
How does Escrow work?
Typically, a broker will provide Cameo Escrow with the information necessary for the preparation of escrow instructions and documents that define the terms and conditions under which we are authorized to distribute funds and record legal documents. Cameo Escrow processes the escrow, in accordance with the escrow instructions and the law. Once all conditions of the escrow have been met, the property is transferred and the escrow is closed. The escrow process includes paying all bills as authorized, responding to requests as authorized principals, distribution of funds and notifying all principals of escrow closing.
Please note: Though escrow tends to follow a similar pattern, each escrow will differ due to differences in property types and the transaction at hand.