The Escrow Source - Epitome of Integrity

2007-07-24 08:31:47

( Business )



Roles of an Escrow Company

The escrow company has a vital role to play between buyer and seller in the loan finalization process.

After a loan has been approved by the lender, the parties need comply with specific documentary requirements to effect payment to seller and turnover of the property to buyer. While the documentation is not yet complete, the escrow company will hold the property's title and transfer certificate, and these items will not be available to any of the parties unless the documentation in relation to the property sale has been completed.

An escrow company can also act as the third party for non-realty type of transactions. In a source code escrow, the escrow company keeps the source code for newly developed software as part of a licensing agreement between a software company and a developer. This prevents either party from accessing the source code and using it illegally.

An escrow company must exercise utmost integrity and impartiality in dealing with its clients and in handling documents.

The Escrow Source Company Background

The Escrow Source is a privately owned company established in 1995 and operates in the North Seattle area.

Its staff is composed of people who are highly trained and have had at least ten years' experience not only in escrow processes but also in real estate, mortgage and title insurance. Integrity and service quality are the company's main guiding principles.

As with any other escrow company, the Escrow Source receives all the loan documents and instructions from the lender a few days before loan closing. The Escrow Source will then prepare a statement of all the fees and will inform both buyer and seller of the amounts. The payments must be sent to Escrow Source prior to the closing date. The Escrow Source also notifies both parties about bringing identification documents for notarization purposes. It also acts as a witness to document signing, as well as notary.

If you need more information, the company has an official website which gives details about its background, as well as answer questions about the escrow process.


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