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Questions & Answers about ESCROW |
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Real estate transactions can become very complicated, but we can make it simple. At First American we do a lot more than hold the down payment and disburse the loan proceeds. We help solve just about any problem that might come up from the time of the deposit to the day of the close, making your real estate transaction as smooth, fast and easy as possible.
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Frequently Asked Questions |
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What is an Escrow?
How do I know my money is safe?
What does the Escrow agent do for me? |
What is an Escrow?
In an escrow, a third party who is not otherwise part of the transaction — but who is trusted by the parties to the transaction — holds monies, documents and instructions while the transaction is being completed. For example, the buyer makes a deposit to hold the property while obtaining financing. Instructions are given regarding whom to pay with the loan proceeds — i.e., different amounts could go to each of two mortgage holders and several sellers. And finally, the escrow officer sees that all these instructions are complied with and the deed is recorded.
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How do I know my money is safe?
First American is one of the largest escrow and title companies — we’re
trusted in nearly one in every three residential real estate closings
in the U.S. First American Title is A+ rated for its financial
strength and is a member of The First American Corporation Family
of Companies. FORTUNE magazine ranks First American among its list
of the nation’s 500 largest companies and has listed First American
as one of America’s Most Admired Companies for the past four years.
Our roots go back to 1889. We’ve been around, and we’ll stay around.
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What does the Escrow agent do for me?
Whether you're a buyer or seller, your First American
Escrow agent is unbiased and dedicated to making your
transaction go smoothly, quickly and easily. It's our
job to solve the problems that almost always come up —
and we just about always do. After all the years we've
been doing this, there aren't many new situations we haven't
seen.
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