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First, a little about "escrow". An escrow company is brought on to assure your house closes on time and the money exchanging part of closing goes smoothly. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good example of an escrow company.

The escrow company is careful to assure that all terms and conditions of the seller's and buyer's agreement are completed prior to the sale being finalized. This includes securing monies and documents, finishing required forms, and getting the release documents for any loans or liens that are to be paid with the transaction, assuring you have a clean title to your property before the negotiated price is fully paid.

Escrow companies compile the following documents:

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

You're ready to close when each step of the escrow process is finished. 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 is given to you and title insurance is issued per the policies of your individual escrow process.

When closing is completed, you'll pay the fees to the escrow company. As your Real Estate Team, we will inform you of the acceptable form of payment.

The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Request title inquiry
  • Comply with the bank's guidelines as noted in the escrow agreement
  • Accept payments from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse monies and finalize instructions
  • Give advice - the escrow agent stays a neutral, 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. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

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

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