Questions About Escrow

	What is escrow?
	Escrow is the "middle man" in your real estate or business transaction. A BUYER should not hand over thousands of dollars to a seller without knowing for certain that the buyer will receive what the buyer bargained and paid for as part of the transaction. A SELLER should not hand over a deed or other conveyance document to a buyer until the seller knows for certain that the buyer has obtained all of the money for the purchase. LENDERS will not provide funds until they know that their interest in the property is protected. Escrow coordinates all of this and protects the parties..
	Why do you need escrow?
	If you are buying property or a business, you want to know that you are receiving clear title from the seller before you deliver money to the seller; the deed or conveyance documents that you receive accurately describes the property that you are buying; the person who signed the deed or document actually owns the property; and the seller has no liens or judgments or encumbrances against the property that you have not agreed to assume, or you could be liable to pay them. If you are selling property or a business, you want to know that all of the sales proceeds are available to you, and the buyer has signed all necessary papers and obtained any necessary financing before you deliver the deed or documents.
	What happens if you do not use escrow?
	You might pay someone a lot of money and receive nothing for it or you may receive it encumbered by judgments and liens that you will have to pay. You might give up your property without ever receiving your money.
	What am I going to do when I get to an escrow closing?
	At Nelson Escrow Services, you will be signing a number of documents that have been prepared by a "Limited Practice Officer" , a person licensed by the State Supreme Court to select, prepare, and complete legal documents for real property and personal property transactions. At Nelson Escrow Services, unlike most independent escrow companies and title company escrow departments, these documents will also have been reviewed by an attorney prior to closing. Any funds required from you will be taken into escrow at that time, and you will be given a full accounting of the receipts and disbursements for your transaction. If you are the seller, you will probably receive your final check within two business days of signing.