Understanding how Escrow works – Provident Realty Group, Dublin, CA

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What To Expect When You're Closing in Dublin, California

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Escrow: When you're closing on your new house, an escrow holder is used to insure the transaction will close properly and in a timely manner. Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller. For example, in an Internet auction, PayPal is the neutral third party that obtains the buyer's payment, and then sends the funds to the seller.

The escrow company makes sure that the terms and conditions of the agreement between the two parties are completed in preparation of the sale being finished.

These are the legal forms that escrow companies usually look for:

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

You're ready to close when all parts are finished in escrow process. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The home's title goes to you and title insurance is issued per the policies of your particular 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 next steps.

The Escrow Holder Will:

Prepare escrow guidelines
Perform a title inquiry
Comply with the bank's guidelines as specified in the escrow agreement
Intake payments from the buyer
Prorate interest, insurance, tax and other payments according to instructions
Record deeds and other documents as instructed
Request title insurance policy
Close escrow when all terms of agreement of seller and buyer are complete
Disburse funds and finish instructions

The Escrow Holder Will Not:

Advise you - the escrow company must stay at a fair, third-party status
Dispense opinions about future tax estimations

The Escrow Holder Will:		The Escrow Holder Won't:
Prepare escrow guidelines Request title search Comply with lender's guidelines as noted in the escrow agreement Intake funds from the buyer Prorate interest, insurance, tax and other payments according to instructions Record deeds and other legal documents as instructed Request title insurance policy Close escrow when all terms of agreement of seller and buyer are complete Disburse monies and finalize instructions		Advise you - the escrow agent stays a neutral, third-party status Dispense opinions 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 more informed home buyer and future homeowner.

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