A residential escrow is normally the sale or purchase of a single-family residence or condominium. In this escrow, the escrow officer is working with a buyer, seller, and their real estate agents to conduct a timely closing. The escrow officer serves as a communication link between all the parties in this transaction: the principals, their realtors, the lender, Title Company, an insurance agent and any other party that may be involved. The escrow officer will comply with instructions from the Buyer's lender as specified in the escrow instructions and will communicate with the seller's lender to obtain payoff information on any existing liens. All documents required will be prepared; all necessary releases will be obtained; all pro-rations will be calculated.
When all of the instructions of both buyer and seller have been carried out, Sincere will "close the escrow". That is to say, record all documents and disburse funds as specified. At closing, the escrow officer will prepare a final closing statement for both buyer and seller, giving an exact accounting of all funds deposited into escrow.