When buying, selling or refinancing, "escrow" refers to the last stop on the way to closing. An "Escrow Agent" and its "Escrow Officer" handle all documents, the signing of those documents and all the money involved. This includes the buyer's funds needed to close (on a purchase), as well as the loan proceeds from the lender (for a purchase or refinance).
Clearly, an Escrow Agent is held to a high standard of trust and responsibility. An Escrow Agent and its Escrow Officer must be well-qualified and experienced. In Washington, a license is required, as well as insurance, a trust account and oversight by the Department of Financial Institutions (http://www.dfi.wa.gov/).
Always inquire as to the amount of experience the employees of an Escrow Agent offer. Obviously, more is better and can be the deciding factor between a smooth closing or one filled with problems and anxiety. Speak to previous clients for a recommendation.
About Me
- STAN J. PILON
- As Bill Cosby once said, "I started out as a child!" Then I became a school teacher out of college (www.dordt.edu) ... but alas, I "burned out" five years later ... and then became interested in real estate closing work via office temp work. Eventually I found my way to Seattle where I've now worked in escrow for over 30 years. I am a licensed Escrow Officer, Limited Practice Officer and Notary Public. I also served a five-year appointment to the Washington State Escrow Commission. Someone who knows me well once described me as "hopelessly anal!" I guess, in this line of work, that's a compliment. For escrow work, it's all in the details.
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