Who is the Escrow Officer, and Why do They Matter

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Escrow officers manage the entire financial aspect of the transaction. Money from the buyer, including the down payment and earnest money deposit, is placed in an escrow account. The lender also sends the loan proceeds to escrow. Once the deal closes, the escrow officer sends all the funds to the respective parties. The seller receives their funds from escrow, and the real estate agents and brokers are paid via escrow. Escrow also ensures the previous mortgage holder (if applicable) is paid prior to disbursing funds to the seller.

Also see our video on impound accounts here: https://youtube.com/shorts/NyK56ZATpE4