Your DFW Escrow
What is Escrow? The simple explanation of Escrow is a deposit of money, a deed or other written document by one party of a transaction, for the delivery to another party, in the same transaction upon completion of a particular event or condition. The Texas Escrow Law provides the legal definition.Do you need an Escrow when ? No matter if you are the seller, buyer, or lender you will want the assurance that no property or funds will change hands until All of the instructions in the transaction have been followed and completed. The escrow company has the obligation, to all the parties, to safeguard the funds and/or documents while they are in their possession and to disburse funds and/or convey title to Dallas Real Estate only when all provisions of the escrow have been complied with.The way Escrow works: The principals to the escrow transaction, the buyer, seller, and lender create the escrow instructions, usually in writing, to be created, executed and delivered to the escrow officer. If a Professional DFW Realtor is involved, he or she will normally provide the escrow officer with the information necessary for the preparation of the escrow instructions and documents. The escrow officer will process the escrow, in accordance with the instructions and when all of the conditions required in the escrow are met the escrow will be "closed." Each escrow, although similar in many ways, will be different in some respects, as it deals with your DFW property and the specific transaction. If you are purchasing a DFW Foreclosure Home it is especially important to have the title work securitized by a seasoned escrow agent. It is the right of the principals to use an escrow company who is experienced and competent in handling the type of escrow transaction in which you are involved. In this ever changing real estate environment you can rest assured, be confident and move forward with a DFW home purchase if you study the market in your area, understand your financing options and get sound advice from real estate professionals.
Comments