What is Escrow?
Escrow reduces the potential risk of fraud by acting as a trusted third party that collects, holds, and disburses funds according to Buyer and Seller instructions.
Who Can Provide Escrow Services?
Escrow services are provided by a licensed and regulated escrow agent such as First American Title of Island County, a neutral third party that performs the functions to close a real estate transaction.
As Your Escrow Agent,
First American Title of Island County:
- Receives a completed and fully executed purchase and sale agreement and/or lenders instructions.
- Orders and delivers a commitment for title insurance to the parties of the transaction.
- Orders all necessary payoff statements and demands to clear the title.
- Prepares all necessary documents to transfer title.
- Prepares the estimated and final closing statements.
- Obtains all necessary signatures, funds and documents to close the transaction.
- Records and delivers all necessary documents and disburses the funds according to the parties and/or lenders instructions.