Bob Taylor Properties, Inc.

Telephone 323-257-1080
5526 N. Figueroa Street
Los Angeles,
California, 90042, USA

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  • Although defining escrow can be difficult, basically the process of escrow is this: Buyers and sellers deposit documents and money with a neutral third party to be held. When certain conditions agreed upon by both buyer and seller are met, the third party (the "escrow holder") then distributes the documents and the money.

    In the first ring...
    The escrow holder works for both the buyer and the seller, and can act only according to specific written instructions given by both parties. The steps followed by an escrow officer in a conventional transaction might be as follows:

    And in the second ring...
    Most purchase contracts will require that the buyer apply for financing within a few days after acceptance of the buyer's offer. Knowledgeable real estate agents will arrange for buyers to be "pre-qualified" by a lender before finalizing any purchase contract.
    So, at the same time the escrow officer is engaged with instructions, title searches, and demands; the buyer and the buyer's lender are busy with the loan approval process.
    The steps followed by the loan officer processing the application might be as follows:

    And in the third ring...
    While the escrow officer, loan officer, and buyer are handling their duties, the seller also has tasks to perform. These tasks may be as follows:

    As your real estate agent, I am the "ringmaster" of this "circus". It is my job to see that all participants are performing their tasks correctly and on time; so that your escrow proceeds smoothly and closes successfully.