Southern Sun Title Company offers full escrow services on transactions for which we are issuing title insurance. The cost of this service is dependent upon the transaction value and the extent of service required.
In a real estate transaction, escrow provides a “safety mechanism” for all parties involved in the real estate transaction.The escrow agent is an impartial third party who holds the funds and legal instruments necessary to complete the transaction and makes concurrent delivery of the deed to the purchaser and the purchase money to the seller when all of the terms and conditions of the transaction have been performed.
The authority given to an escrow agent is strictly limited by the instructions provided by the parties involved. These instructions are usually contained within the purchase agreement. Consequently, an escrow agent acts on the mutual instructions given and does not represent any party to the transaction. Some of the tasks an escrow agent may perform are as follows:
- Order payoff information on existing liens
- Calculate and prorate taxes, liens, interest, rents and insurance policies
- Arrange for title insurance protection for the buyer and lender
- Pay costs and liens as agreed upon by the parties to the transaction
- Close the transaction after all instructions from buyer and seller have been satisfied
- Prepare a closing statement for the parties to the transaction, showing disposition of funds in the transaction
- Arrange for recording of the conveyancing documents and any other legal instruments necessary to transfer title to the property pursuant to the purchase agreement