Escrow is a process performed by a third party to ensure all terms and conditions of the transaction have been met; all documentation has been reviewed, signed, exchanged and filed; and funds have been disbursed to the appropriate parties. The purpose of escrow is to simplify the closing, ensure an objective third party is available and the transaction occurs legally and expeditiously. At the opening of escrow the escrow company will assign an escrow officer to your transaction.
You may want to call your escrow officer prior to closing to ensure he or she has all of the pertinent information and documents they require. Establishing this relationship may help prevent a snag along the way.
The close of escrow consists of three steps: reviewing, signing and exchanging documents; filing of documents and the disbursement of funds.
Your deed gets recorded once the escrow officer sends it to the registrar office. You will receive a copy of the actual recorded deed in the mail in 6-8 weeks after the registrar office files the paperwork.
Do not assume your deed is recorded. Keep your eye out for a letter from the county registrar office and check that the deed information is accurate. If you do not receive the deed after 8 weeks or the information is inaccurate, give the registrars office a call.
Royal LePage Mission
3595 114 Ave SE #110
Calgary AB T2Z 3X2