We strive to protect our
clients from any unnecessary risks.
What is Escrow?
In one word peace of mind!
Escrow is a legal concept describing a financial transaction whereby an asset or money is held by a neutral third party on behalf of two other parties that are in the process of completing a transaction (such as a sales-purchase contract). Funds are released until certain pre-established obligations or conditions have been met.
The term Escrow means any agreement between two or more parties wherein the delivery of instruments, monies, items of value, or evidence of title to real or personal property are deposited with a neutral third party. This is done through an Escrow Agreement, which contains the specific written instructions executed by all parties to the transaction. This neutral third party is referred to as the “Escrow Agent.” The Escrow Agent charges a fee for holding the funds or assets until receiving appropriate instructions or until the fulfillment of all predetermined contractual obligations are met. Money, securities, funds, and other assets can all be held in escrow.
As your Escrow Company, BIES’s role is:
- Receive a fully executed Purchase and Sale Agreement and/or Lender’s Instructions
- Review the estimated and final closing statements signed and approved by buyer and seller
- Obtain copies of all necessary signatures, funds, and documents to verify close of the transaction and transfer of title prior to disbursement and based on the terms of agreement
- Disburse funds to parties as described by the escrow agreement and sales contract