Escrow instructions

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Escrow instructions are "written documents, signed by the parties giving them, which direct the escrow officer in the specific steps to be completed so the escrow can be closed."^[1]

The escrow officer is also called the escrow agent, licensed agent, escrow holder, or escrow depository.

Contents 1 Typical instructions 2 Special California rules 3 References 4 External links

[edit] Typical instructions

These instructions usually include:

• Who is the escrow holder
• Expected start and end dates for the escrow
• Amount of money and documents to be deposited ^[2]
• How the escrow holder (or escrow agent) is to receive and hold the money
• Conditions to end the escrow
• Authorization for the escrow agent to disburse funds for recording fees, title insurance, etc.
• Proration schedule for the property tax and title insurance
• Payment of prior liens, especially any mortgage. ^[3]

[edit] Special California rules

The state of California has a standardized form for any subdivision, pursuant to its law, ^[4] which includes:

1. Subdivision name, location, and tract number
2. Name of escrow depository
3. Notice of completion, with whether that is for a non-cluster subdivision, cluster housing, condominium, or homeowner's association
4. Estimated completion date
5. Information about the subdivider
6. Information about the escrow despository. ^[5]

[edit] References

1. ^ Diseree Soteres, realtor, offciial web page escrow instructions page.
2. ^ These first three listed are fromChicago Title Co. web site.
3. ^ These five are from supra, at [1].
4. ^ Cal. B&P Code section 11018.5(a), Civil Code section 3093.
5. ^ PDF form from California for subdivisions.

[edit] External links

• For a sample form of escrow instructions, see: [2]
• For a more detailed description of such forms, also see:[3]
• For the California subdivider form, see [4] (PDF required).