Some states do not have the need for escrow. They have other processes in place to facilitate the Real Estate transaction.
Escrow is a neutral third party within a Real Estate transaction.
It is very important to have your real estate professional choose an Escrow Company and Escrow officer that “Packs the gear” to facilitate your closing. This applies to whether you are on the Seller’s side or on the Buyers’ side.
“An escrow officer is the person that walks you through the closing process. They are usually employed by the title company that you are working with(not the case in CA). They are a neutral third-party, responsible for overseeing the escrow process. They typically perform the title searches, prepare final paperwork, witness the document signings as well as ensure that the transaction is executed properly and legally.”
The choice of escrow is about a 50/50 draw. Most commonly, in real estate within the Santa Clarita Valley, the seller chooses who the Escrow Company will be. The real estate professional is usually the guide into the “who to choose” process. However, we have seen, depending on the type of real estate market it is, the Buyer having more control over who is selected for Escrow. Both the Buyer and Seller each pay their own part of escrow, typically.