To properly and securely complete a real estate closing, an escrow account is established to store funds related to the transaction. This account holds funds such as the down payment, closing costs, inspection fees, repair costs, legal fees and insurance payments while the closing documents are being prepared.
Once the closing is complete, the funds in this account are distributed in accordance with the transaction requirements instructions in the loan documents. Bay Surety can act as an escrow agent for transactions of all types whether it involves residential or commercial properties.