Escrow is the hub for all the different parts of the transaction to come together
Escrow companies coordinate with: the Buyer, the Seller, the Listing agent, the Selling Agent, transaction coordinators, the Buyer’s lender and their appraiser, the seller’s lender, the HOA if there is one, the title company, the city of Los Angeles and the state of California, the termite company, insurance company, home warranty company, and retrofit company, package shipping companies, and traveling notaries. Escrow make sure each state required item to complete a sale is taken care of before closing.
Escrow Fee Calculator
Escrow fees range from one to two thousand dollars for sales up to $1,000,000 and only a few thousand more for multimillion sales. The most I would expect to pay on an escrow for a transaction of any size is $6,000. The best practice for filling out a purchase agreement is to use the language “each shall pay their own fee” for escrow fee.