Designating the Escrow HolderThe escrow holder may be any disinterested third party and the choice of an escrow agent is always that of the buyer, seller, or the lender. However, they probably do not have a relationship with an escrow agent, and may rely on the advice of their real estate professional. Basic Requirements for a Valid EscrowEvery sale or transfer (refinance) has two basic requirements to be valid :(1) a binding contract between the lender, buyer and seller(2) conditional delivery of transfer documents to a thrid partyThe binding contract can be an offer to purchase (deposit receipt), agreement of sale, exchange agreement, option or mutual escrow instructions to the lender, buyer, or seller. Eddy MartinezBest Rate Funding - Direct Lender - Wholesale RatesSenior Loan Con...
