Escrow includes depositing, with a neutral third party, funds, documents and instructions necessary to complete the transfer. For Your Home Bring your home into the 21st century. For the latest in electronics, automation and great gadgets for your home, click here. It requires preparation, attention to detail, and desire from both sides to close the deal. A neutral third party can be an escrow officer from an escrow company, someone from a title company or from a title and escrow company.
Some regional areas use title and escrow attorneys.
Custom and market conditions also dictate which escrow costs the buyer or seller pays. The amount typically totals about 1 to 2 percent of the cost of the home. Choosing an escrow officer is much like choosing any real estate professional. Get several referrals from trusted people, then compare services, cost and convenience. Your escrow officer opens escrow by assigning your escrow an account number and collecting the contract and other instructions, the buyer's deposit and perhaps additional proceeds or documents related to the transaction.