You’ve heard the word, seen it on for sale signs, and wondered,

“What exactly is Escrow?”

I sat down with Suzanne Dessert, escrow officer of Keller Williams Palos Verdes to answer some of your everyday questions.

How long have you been an escrow officer and how do you differ from other officers?

S:  For 30+ years.  I am proactive and try to anticipate my agents needs so they are free to go out in the field to prospect and bring in more business.

How would you define the escrow process in the simplest form?

S: A third impartial party who accepts mutually agreeing instructions from the seller and buyer. Escrow takes instruction and follows orders. An escrow officer does not represent the buyer or seller, or give advise-which is a common misconception. An escrow office is the orchestra leader of the transaction!

So, you don’t tell agents what to do?

S: No, I guide the agents through the escrow process and point out the problems, if any that may occur.

Interesting, so how long does a typical escrow last and what is involved?

S: 30 days is the normal, but we have closed some escrows in 7-10 days. Escrow involves money, documents, mutual agreeing instructions (nor unilateral), and customer service.

What are some issues that may interfere with the escrow process?

S: With the lending- when agents do not give loan documents in a timely manner. Usually when the documents are not returned from buyers and sellers or escrow instructions are not followed.

If you could give client’s one advice, what would it be?

S: When the buyer is getting credit from the seller/ agent, it has to be approved by the lender as early as possible. Any credit to the buyer has to be approved by the lender. Whether it is credit or new finance involved, get approved! If it is an all cash transaction, no problem with buyer credits.

How do you keep clients informed throughout the process?

S: COMMUNICATION, COMMUNICATION, COMMUNICATION, is they key.  I am constantly phoning and emailing my agents.

What does it mean when an agent says, “It fell out escrow?”

S: The buyer or seller can cancel the transaction, but the agents must provide escrow with a fully executed  (by seller & buyer) CAR cancellation form designating to is to receive the buyers GFD if deposited in escrow.