What is a Residential Escrow?
Due to the recession and the need to maintain regulations, residential escrow’s have become more complex and not as easy as they once were. Both local, state and federal guidelines are now in place to prevent negative effects when it comes to buying or selling a home or property. As a proud, independent, full-service escrow company, it is our mission to stay on top of these strict guidelines and deliver our experience that is necessary in helping you through this necessary process. We promise to deliver everything that is needed in a timely and orderly fashion to prevent any delays or mistakes, allowing you to make the biggest investments of your life.
As an experienced escrow company, it is our First Priority to hold all legal documents and funds on behalf of the buyer and seller in a residential real estate transaction. The funds, along with the documents are then distributed accordingly, abiding by the escrow instructions put into place. Escrow is an important matter that requires accountability and safety measures to an otherwise complex legal process, and First Priority Escrow guarantees to make it as straightforward and transparent as possible.
First Priority Escrow includes the following
steps in a residential escrow
- Assume neutral fiduciary responsibility for funds and documents related to the transaction
- Prepare escrow instructions and documents related to the sale
- Order tax and title searches on the property
- Review all documents received as well as lender conditions for hazard and title insurance
- Present documents to seller and buyer for approval
- Request balance of the buyer’s funds
- Review proceeds from the lender
- Record the deed, deed of trust and all other documents required to close the sale
- Prepare final settlement statement, pay off existing obligations and disburse funds to appropriate parties
- Close escrow and deliver statements, documents and funds
Feel free to call today to get started on your escrow process.