Escrow agents serve as neutral third parties in a real estate transaction. They receive authorization from the buyer and seller to set up an escrow and may do this via a purchase and sale agreement transaction (also called an earnest money agreement), or via a loan application from a mortgage broker/lender for a refinance transaction. Agents are also responsible for writing the escrow instructions on behalf of the seller and buyer after reviewing the earnest money agreement or lender’s instructions. Crown Title escrow agents prepare their own written escrow instructions to conform with the earnest money agreement and the lender’s instructions. Following instructions precisely and in a timely manner from the buyer, seller, real estate agents, loan officer, mortgage broker, and funding lender is a priority. That said, we strive to serve as trustworthy people who are obligated to safeguard the funds and/or documents in our possession.
Our Escrow agents may also be tasked with paying all bills as authorized, providing an accounting for the escrow transaction using a closing or settlement statement known as a HUD 1 statement, assuring funds or property will not change hands until ALL necessary conditions to the transaction are complete, and dispersing funds and transferring the title according to the instructions.