ESCROW
The purpose of escrow is to carry out the instructions jointly agreed upon by buyer and seller. Escrow is a neutral third party to the transaction.
Escrow receives the purchase money from the buyer and the lender. Escrow also receives a deed, signed by seller, granting the property to the buyer. When all contractual obligations and conditions have been met escrow transfers the purchase money to the seller and the grant deed to the buyer by recording it at the county recorders office.
Jim Forsyth. College Realty Inc. GMAC Real Estate. 14767 Bear Valley Road, Hesperia, CA, 92345