What are the responsibilities of escrow officers?
An escrow officer is responsible for carrying out instructions provided by both buyer and seller without favoring sides. These instructions, given by both parties must be carried out before allocation of funds and ownership transferring can take place. The escrow officer will be given authorization to allocate funds for items during the escrow period. Instructions given may includes real estate commissions, liens, collecting funds, time limitations, and the term of the transaction. This process protects all parties involved by retaining money and documentation until the mutual instructions are met.
