Grupo escrow is a five-step payment process that protects Buyers and Sellers in a transaction.

The Principals to the Escrow Buyer, Seller, Lender, Borrower cause Escrow instructions, most usually in writing, to be created, signed and delivered to the Escrow Officer. If a broker is involved, he will normally provide the Escrow Officer with the information necessary for the preparation of your Escrow instructions and documents.

The Escrow officer will process the Escrow, in accordance with the Escrow instructions, and when all conditions required in the Escrow can be met or achieved, the Escrow will be “closed.” Each Escrow, although following a similar pattern, will be different in some respects, as it deals with YOUR property and the transaction at hand.

The duties of an Escrow Holder include; following the instructions given by the Principals and parties to the transaction in a timely manner; handling the funds and/or documents in accordance with instructions; paying all bills as authorized; responding to authorized requests from the Principals; closing the Escrow only when all terms and conditions have been met; and distributing the funds in accordance with instructions and provide an accounting for same the Closing or Settlement Statement.

Whether you are the Buyer, Seller, Lender or Borrower, you want the assurance that no funds or property will change hands until ALL of the instructions in the transaction have been followed. The Escrow Holder has the obligation to safeguard the funds and/or documents while they are in the possession of the Escrow Holder and to disburse funds and/or convey title only when all provisions of the Escrow have been complied with.

$750.

No Escrow is opened with the intention that it will cancel, but there are occasions when a contingency cannot be met or when the parties disagree during the pendency of the Escrow. Some Escrow holders provide for such an event by incorporating an instruction in the typed or printed General Provisions.

Ordinarily, an Escrow Holder will take the position that no funds on deposit can be refunded until the Escrow holder is in receipt of mutual cancellation instructions signed by the Principals. The Escrow holder cannot normally make a determination as to who is the “rightful” party in a dispute on a cancellation and therefore will not return the funds or documents until the Principals agree.

Do expect to be charged a cancellation fee, as this is a charge for professional services rendered and quite often for several “out of pocket” expenses that have been incurred on the client’s behalf. These fees can vary from company to company depending upon their policies.

Grupo cancellation fees $300.