Escrow Agents and Escrow Services
Your escrow account is handled by an escrow agent that sees to it, he/she has accumulated the required amount of money before transferring it to the customer. In the digital age, online escrow services plays huge role on buyer and seller middlemanship and onlin escrow agents are more on the job but more working online to work as reliable online intermediaries. It's a lucrative profession when it comes to pay but a quite stressful one.
Most escrow agents don't have an easy life as they are treated tax man from IRS, or an insurance broker that always bugs you to pay your dues.
They can also be called different names such as escrow officer, loan officer, or someone or an agent of a neutral third party. Their work covers from opening up an escrow account in between buyer and seller, up to the point where all the money has been completely paid up to the one that requires it safely. They take care of the paperwork, check the documents, monitor transactions, check in the status of the buyer from time to time, witness the closing of the deal, and sees everything is carried out as per requirements set by the law.
Escrow agent acts as neutral stakeholder, depository for the money. All legal documents are passed from the seller to the escrow agent for security, then escrow agent guards it with his/her life literally, and then passes the property, title or product to the buyer after receiving the purchase price of the property.
The escrow agent sees all, the legal documents, the loan package, the statements of assumptions, and other instruments he/she needs to monitor on a regular basis.
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