Webster's Dictionary defines ESCROW as:
"An amount of money or property granted to somebody, but held by a third party and only released after a specific condition has been met."
The "third party" mentioned above is the Escrow Company. In the State of
The purchase and sale agreement, along with earnest money, is deposited with the Escrow Company and a file is set up. When the funds are available for the seller, either in cash or through financing with a lender, the escrow closer prepares a Statutory Warranty Deed that will transfer the ownership of the property from the seller to the buyer in exchange for the funds due to the seller.
For assistance, contact our Escrow department at Olympic Northwest. We're here to help!