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Let's talk about "escrow". An escrow holder is hired to assure your place closes on time and the process goes smoothly. A property is said to be in escrow when in the closing transaction, funds is secured by a third party on behalf of two parties (in this case, a buyer and a seller) when the exchange of money takes place. PayPal is a simple way to think of an escrow company.

Settling the last details like obtaining funds, completing forms, getting the documents for loans and liens, and making sure you get a spotless title to the home before your purchase gets finalized are all part of the job of the escrow holder.

These are the legal documents that escrow agents usually look to collect:

  • Requests for payment for various services to be paid out of escrow funds
  • Loan documents
  • Tax statements
  • Fire and other insurance policies
  • Title insurance policies
  • Terms of sale and any seller-assisted financing

Closing on the home takes place when all of the procedures of the escrow are complete. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. The home's title gets handed over to you and title insurance begins per the steps of your individual escrow process.

At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. I'll keep you informed on the procedure.

The Escrow Holder Will:

  • Prepare escrow instructions
  • Petition title research
  • Meet lender's guidelines as specified in the escrow agreement
  • Accept funds from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse monies and finish instructions

The Escrow Holder Will Not:

  • Offer advice - the escrow agent must maintain a neutral, third-party status
  • Give insight about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Petition title inquiry
  • Meet lender's standards as specified in the escrow agreement
  • Intake payments from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse payments and finalize instructions
  • Offer advice - the escrow company must stay at a fair, third-party status
  • Give insight about tax implications

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

Now you know more about how to close on your future home. And, you can be a better informed home buyer and future homeowner.

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