FAQ - What is an Escrow?

An escrow is the depositing of funds and/or documents by a buyer and seller on a sale transaction, or a borrower and a lender on a refinance transaction, with an impartial agent (referred to as Escrow Holder) for delivery upon the completion of the terms and conditions of the written escrow instructions.

Each of the principals will give the Escrow Holder written instructions setting forth the terms and conditions under which the escrow holder may deliver the funds and documents deposited to escrow.

Escrow is a professional service requiring a high degree of care, skill, sophistication and common sense. The Escrow Officer must be very knowledgeable about real estate and contract law, acceptable business procedures and legislation that affect real estate related transactions. The Escrow Officer must continually update her or his knowledge and work toward increasing his or her expertise in the escrow process. At Island Title we have many escrow professionals to serve you.