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• What types of transactions go through escrow?
  Most contracts that involve the transfer, lease or financing of real or personal property can be placed in escrow.
  You may be involved in escrow not only when you buy or sell a home, but also when you buy a mobile home,
  sell a business or transfer stock in a closely held business. The buyer or seller should demand the protection
  of escrow for any transaction which involves a substantial investment.

• Why do I need escrow?
  Whether you are the buyer or the seller, you want assurance that no funds or property will change hands until all
  of your instructions have been followed. With the increasing complexity of business, law and tax structures, it takes
  a trained professional to supervise the transaction.

• Who handles the escrow transaction?
  The escrow officer is a trained and experienced professional. He or she can provide you with the assistance required
  to close your transaction quickly and effectively. This professional person may, under the terms of the instructions,
  make the decision that the conditions of escrow have been met, and then order the transfer of the affected real or
  personal property to the interested parties.

• As a buyer entering into escrow, what must I do?
  If the transaction is contingent upon a new loan, it is your responsibility to arrange this loan. Your real estate agent
  can be most helpful in obtaining a lender, since he or she is more knowledgeable about which lenders are currently
  active and their financing terms. 

• Can I get legal advice from the escrow officer?
  An escrow officer is not a legal counselor and cannot give you advice. Remember, the purpose of escrow is to take,
  and comply with, instructions to carry out the mutual agreement of the principals. In the event of disagreement
  of the parties, the escrow officer must remain neutral until agreement is reached. The transaction should not be
  negotiated in the escrow office, nor should an escrow officer become involved in the negotiation. 

• What happens at the closing?
  When instructions of all parties to the escrow have been carried out, the closing can take place. All outstanding
  funds are collected at this time and all costs must be paid. Title to the property will then be transferred. All specified
  documents are recorded or filed at this time.

• As a seller entering into escrow, what must I do?
  To be fully prepared when you enter the transaction, you should have sufficient information relative to your ownership
  available. This would include information concerning any loans, taxes, insurance and, if appropriate, rental data.

• What if the transaction isn't completed? Is my deposit refundable? Who pays the fees?
  When a transaction fails to close, a cancellation agreement must be reached between the parties. This cancellation
  agreement must be put in the form of a written instruction, just as your contract was. Since the deposit is part of the
  escrow contract, both the buyer and the seller must mutually agree to its disposition. Instructions for the disposition
  of this deposit should include, among other things, provisions for payment of charges incurred during the escrow.
  This would include fees and costs incurred by the escrow holder and charges such as loan processing and title
  insurance fees as specified in the escrow instructions.