Escrow companies provide a service by holding funds, documents, and other items required for the completion of a real estate transaction until all agreed upon conditions have been met. They bring together buyers, sellers, agents, lenders, title insurance companies, and the various transaction-related documents and funds. When conditions have been met and all the paperwork is in order, escrow closes the transaction and distributes these to those involved. The sellers get their proceeds, the buyers get their property, documents are distributed, and funds are disbursed. All of this happens through the actions of an escrow officer.
While few may understand what they do in detail, it is easy to see why escrow officers are largely responsible not only for making sure the transaction is completed and done so properly, but they also strongly influence the quality of the experience for those involved. This is why choosing an escrow officer is an important decision. PEAK Escrow prides itself on providing the highest quality escrow services possible and has been doing so for many years.
An Independent Escrow Company is one that is licensed by the California Department of Business Oversight (DBO), which is in contrast to escrow providers in California that are owned and operated by real estate brokers or title companies. These companies are "controlled" (no special license required) by either the Department of Real Estate (DRE) or the Department of Insurance (DOI).