What do the parties do in the escrow process?
The parties in an escrow (buyer, seller, lender, and escrow holder) have differing responsibilities. Each must fulfill their obligations according to the escrow instructions before the escrow officer can conclude the escrow and distribute funds and legal documents. The responsibilities of each party include: The Buyer The buyer’s escrow process obligations are to: • Deposit the funds required, in addition to any borrowed funds, to pay the purchase price with the escrow holder. • Deposit funds sufficient for home and title insurance with the escrow holder. • Arrange for any borrowed funds to be delivered to the escrow holder. • Deposit any deed of trust or mortgage necessary to secure loans. • Approve any inspection report and title insurance commitments called for by the purchase and sale agreement. • Fulfill any other conditions specified in the escrow instructions. Top of Page Return to Buyer’s Information-Useful Things To Know The Seller The seller’s escrow process obligations are t
