What does is matter to the seller?

[Demetrus Gibson]

BP, i have a few questions.

A seller just sent a signed contract back in, but she also sent a letter stating that she didnt know if an escrow was going to be open or not on the deal. So she sent letter along with the contract saying that "it is understood that there will not be an escrow"...
1) What does it matter to her; escrow or no escrow? b/c this very well may be a double escrow deal due to the potential profit

2)Do I just tell her "due to the amount of the sale price that its best that we open escrow"???

3)How do I address that in her letter she states that she also is trying to get the most for her property...
This maybe little but I need you feedback.
By the way she is very very motivated.
Thanks
DG

[Steve Babiak]

Escrow is important because it is intended to protect all of the parties to the transaction. In this case, the seller will be signing a deed for the buyer; the escrow agent's function is to not deliver that deed to the buyer until the buyer has delivered to escrow good funds in the amounts due according to the HUD1. In other words, nothing gets distributed by the escrow agent until all terms of the contract have been fulfilled by all parties - that includes any money and paperwork. Read links below for a better understanding.

Originally posted by wikipedia definition of escrow:

An escrow is:

* an arrangement made under contractual provisions between transacting parties, whereby an independent trusted third party receives and disburses money and/or documents for the transacting parties, with the timing of such disbursement by the third party dependent on the fulfillment of contractually-agreed conditions by the transacting parties, ...

http://en.wikipedia.org/wiki/Escrow

http://www.mojolaw.com/forms/bz01f

http://www.chicagotitle.com/BusinessSegments/EscrowServices/exhibit10.htm