"ESCROW" - What is it?
An Escrow Agent is a neutral third party that facilitates the completion of a sale or loan transaction. The Escrow Agent will hold buyer (and/or lender) funds in a trust account until such time as all requirements for the sale (and/or loan) have been met, closing documents signed, and appropriate documents recorded at the County Courthouse.
"ESCROW" - Who starts the process?
Typically, the parties to the transaction will put in writing in the form of a Purchase and Sale Agreement, the terms of the agreement between the buyer and seller. The real estate agent, if one is involved, will initiate the escrow process by sending the escrow agreement (Purchase and Sale Agreement), which details the transaction for the Escrow Officer. If this is a loan transaction only, the lender will initiate the process for you.
"ESCROW" - Who chooses the Escrow Company?
The choice of the escrow company is normally done by agreement between the parties to the transaction. If a real estate agent is involved, the broker may recommend an escrow agent. However, it is the right of the principals to use an escrow agent who is competent and experienced. Sandpoint Title has the most experienced escrow officers in Sandpoint, and they look forward to working with you.
"ESCROW" - Why is it necessary?
Quite simply, the reason to have your escrow handled at Sandpoint Title is the assurance that no funds or property will be transferred until all of the conditions in your transaction have been met. The Escrow Officers at Sandpoint Title have the obligation to hold your funds in their Trust Account and not disburse those funds, or transfer title, until all provisions of the agreement(s) have been complied with.