In this shortened version of our May 1st show Michelle Keck of Rainier Title provides a concise definition of what escrow is while talking with hosts and Realtors Tracy and Kathy Nelson.
In this clip Michelle explains: “So escrow really I think the biggest thing to remember about escrow is that we’re a neutral third party. We do not represent anyone in the transaction, however we have a duty to protect everyone’s best interest. We are essentially a safe place for the buyer and the buyer’s lender to deposit the closing funds, and at the same time a safe place for the seller to deposit the fully executed deed that will transfer the property. So basically we wouldn’t have a buyer who’s willing to pay for the property before the seller has transferred it to them, but at the same time a seller isn’t going to transfer the property before the buyer has paid for it. So this evolved escrow.”
See this complete episode and others at http://eye4homes.tv
Michelle Keck: http://www.rainiertitle.com
Rainier Title
