Frequently Asked Questions

What is an Escrow?

The buyer and seller conduct business with each other through a neutral intermediary, your escrow company. The escrow holder, to exchange property and funds, carries out mutual written instructions by both parties.

When do I open an Escrow?

As soon as you and your other party are in the complete agreement, a mutually selected escrow officer should be called. Consider the professional advice of your real estate agent.

What is needed from me?

Along with the terms of the sale the following are a list of items that are most helpful to expedite your transaction.


  1. Recent existing lender statement(s).
  2. Current Home Owner Association documents.
  3. Recent structural pest control report (if required)


  1. Complete names & vesting (seek tax advice as to consenquences of how you take title).
  2. Initial deposit check.
  3. Terms of financing and new lenders name.
  4. Insurance agent information.

The Escrow Officer Does:

Prepare instuction and specific documents. Order all necessary pay off or assignment statements, homeowner association statements and title search. Secure releases of existing liens of record and disburses documents in accordance with mutual written instruction. Prepare all final statements for principals, accounting as to the disposition of all funds deposited with the escrow officer. Provide you with the assistance to close your transaction quickly and effectively. Escrow officers are trained, experienced professionals.

The Escrow Officer Does Not:

  • Act as a negotiator for the transaction or any terms thereof.
  • Offer legas and or tax advice.
  • Offer investment advice.

Who pays the fees & costs?

The Charges of a transaction are dependent on the type and complexity of your transaction and the terms of your agreement. Both your professional real estate agent and your escrow holder can help you determine those costs. The seller typically pays for those costs involved in the financing. The escrow fees are normally paid one half each. There are exceptions to the rules, so be sure to consult your professionals for help.

Who can answer my questions?

Your primary consultant should be your real estate agent/broker if the negotiations have been conducted through them. The escrow officer will often refer you to the real estate agent/broker, legal counsel, or quite possibly a tax advisor.

What happens if the escrow cancels?

A cencellation agreement must be reached between the parties with mutual written instruction calling, with live signatures, for the disposition of any funds and or documents. Payments of any charges incurred should be considered including fees and costs incurred by the lender, homeowners association, and the title company and escrow holder. If the parties cannot agree, a court order may be needed.

What happens at closing?

The closing can take place when all instructions have been compiled with. After all funds have been collected and costs paid, the property title can be transferred. This transfer of title is called the "recording". Recording documents and title policies will be mailed to you after closing.

What is a short sale?

A Short Sale is an agreement by a lender to accept the sale of a property that nets them less thank a full payoff for their loan, typically in order to avoid even more loss through the foreclosure process. Short Sales are often an excellent solution for both the home owner and the lender. The lender gets generally a better price, less cost, and a quicker sales through approving a short sale than they would in going through a foreclosure process. The borrowers get thier credit restored and generally get relief from possible future legal actions and deficiency judgments. The end result of a short sale is the home is sold, the mortgage is satisfied, and the homeowner avoids a foreclosure or bankruptcy.

Talbrook II Escrow is very experienced in short sales and has a great reputation for closing such transactions.

For more information, give us a call orEmail us orClick hereto find your nearest Talbrook II Escrow branch office.