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What is Escrow?
The word escrow can be confusing because it has several different meanings in real estate transactions. The actual definition of escrow is something of value.
Down payment check Documents Purchase and sales agreement Instructions These valuable items are given to an impartial third party to hold until specific conditions are met. This third party can be an escrow agent, title agent, or a closing attorney. It is important to know that the third party does not have anything to gain or lose from the real estate transaction. Anchor Seaport Escrow is a trusted escrow company in Long Beach. They are independently owned and operated. They have been serving the real estate community for 35 years.
 
Open Escrow:A real estate agent opens an escrow account when a person, buyer, makes an offer on a house. The buyer writes a deposit check and the money is given to the impartial third party – or as is very common now, the buyer wires the funds to the escrow company. A lender can also open an escrow account. It is known as a reserve or impound. If a borrower or purchaser obtains a loan with less than 20% down for their house, then the lender will require an escrow ... more

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