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First, a little about "escrow". When you're closing on your new property, an escrow agent is used to make sure the process will close correctly and in a certain amount of time. When funds are 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 makes sure that the terms and conditions of the agreement between the seller and buyer are completed in preparation of the sale being finished.

Escrow agents want to acquire the following forms:

  • 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
  • Tax statements

Upon finishing of all instructions of the escrow, closing can take place. All payments owed and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title gets handed over to you and title insurance begins per the steps of your individual escrow process.

At the close of escrow, fees are paid in an acceptable form to the escrow. As your agent, I'll let you know what is an acceptable form of payment.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Request title inquiry
  • Comply with the bank's guidelines as written in the escrow agreement
  • Accept funds from the buyer
  • Prorate tax, interest, insurance and other fees 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 met
  • Disburse monies and finish instructions

The Escrow Holder Won't:

  • Advise you - the escrow company stays a neutral, third-party status
  • Offer opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Perform a title research
  • Meet the bank's requirements as outlined in the escrow agreement
  • Intake funds 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 terms of agreement of seller and buyer are met
  • Disburse monies and finish instructions
  • Offer advice - the escrow company has to remain an impartial, third-party status
  • Dispense opinions about tax implications

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. 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 being in escrow. And, you can be a more confident home buyer and future homeowner.