Escrow provides one central place where all funds and documents of a transaction may be deposited. It is a disinterested, independent third party who can perform these services within the limitations of a written contract, which protects both the buyer and the seller.
The escrow officer is ultimately responsible for the final settlement between the buyer and the seller. The officer handles the recording of required documents, the payoff of existing liens or mortgages, and prorating of real property taxes, lease rents, maintenance fees, and other property expenses.
The officer handles the intricacies of the transaction, providing you with the assurance that your interests are being protected.