Big Bear Escrow, Inc.
42149 Big Bear Blvd. • PO Box 1968
Big Bear Lake, CA 92315
Phone:
909-
Escrow Officer: April Wolf
Associate: Ginger Sosa
Escrow Services
• Residential
• Commercial
• Refinance
• Government Lease
• Bulk / Business Sales
• Short Sales
• For Sale By Owner
Big Bear Escrow, Inc.
42149 Big Bear Blvd. • PO Box 1968
Big Bear Lake, CA 92315
Phone:
909-
Big Bear Escrow Is a full service escrow company serving the Big Bear valley since 1998. Big Bear Escrow is an independent escrow company. We are licensed and regulated by the Department of Corporations and are thus subject to the most stringent consumer protections in the industry.
Our mission is to provide escrow services with integrity, accuracy and superior customer service.
What is Escrow?
ESCROW is a service which provides the public with means of protection
in the handling of Funds and documents. Escrow enables the buyer and seller to transact
business with each other through a neutral party, thereby minimizing their risk.
An escrow is created when money and/or documents are deposited by two or more persons with a third party which are to be delivered upon the happening of certain conditions. The third party is known as the escrow agent or escrow holder.
The escrow process protects all parties involved by retaining money and documents
until the mutual instructions are met. The statutory definition of escrow is found
in Section 17003 of the California Financial Code and reads as follows: ‘Escrow’
means any transaction wherein one person for the purpose of effecting the sale, transfer,
encumbering, or leasing of real or personal property to another person, delivers
any written instrument, money, evidence of title to real or personal property, or
other thing of value to a third person to be held by such third person until the
happening of a specified event or the performance or a prescribed condition, when
it is then to be delivered by such third person to a grantee, grantor, promisee,
promisor, obligee, obligor, bailee, bailor, or any agent or employee of any of the
later.
The authority given to an escrow holder is strictly limited by instructions provided by the parties involved. Consequently, an escrow holder acts on mutual instructions deposited into escrow and DOES NOT represent any party. The escrow officer is authorized by instructions to allocate funds for items during the escrow period, such as real estate commissions, title insurance, liens, recording fees and other costs. Instructions also specify the method of collecting funds, time limitations and all the terms of the transaction.
Convenience
Using the escrow holder as a common depository, the buyer and seller can proceed
simultaneously in providing funds, deeds, inspection reports, insurance information,
and other required documents. Both parties give written instructions, the requirements
of which must be met before the transaction is complete, to an experienced escrow
officer. Lenders also specify their conditions for completing the loan process. Provided
that the instructions are clear and mutually consistent, the escrow officer, as a
limited agent for all parties, saves time in the closing process.
Protection
The authority given to an escrow holder is strictly limited by instructions provided by the buyer and seller. The escrow officer is authorized by instructions to allocate funds for items during the escrow period, such as real estate commissions, title insurance, liens, recording fees, and other closing costs. Instructions also specify the method of collecting funds, proration of insurance and taxes, and time limitations on settling the transaction. The escrow process protects all parties involved by retaining money and documents until mutual instructions are met. Confidentiality is another important aspect of escrow. To effectively handle a transaction, your escrow officer must be instructed as to the required terms necessary to close. The officer will discuss escrow matters only with the parties directly involved, specifically the buyer, seller, lender, and real estate agent. No one else has access to this information, except through proper legal procedures. The escrow officer retains impartiality and confidentiality concerning the real estate process.
