Fee
charged by a disinterested third party (usually with title or mortgage
company) for ensuring that all documents and necessary payoff
information is gathered and the real estate contract obligations,
dates, etc. are fulfilled. The escrow officer also receives
funds, coordinates signing of documents by all parties, advises county
when to record the new deed and disburses payment to all parties to
clear title for new homeowner. The new deed is filed and if
applicable, the mortgage documents and file is disbursed.
|