I'll Champion for You Through Closing
The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are completed in preparation of the sale being completed.
Escrow holders collect the following records:
You're ready to close when every step is done in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. The home's title is given to you and title insurance is issued per the steps of your individual escrow process.
When closing is completely finished, you'll make a payment to the escrow agent. As your agent, I'll let you know what is an acceptable form of payment.
The Escrow Holder Will:
- Write escrow instructions
- Request title inquiry
- Comply with the bank's guidelines as outlined in the escrow agreement
- Intake payments from the buyer
- Prorate interest, insurance, tax and other payments according to guidelines
- 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 finalize instructions
The Escrow Holder Will Not:
- Tell you what's best - the escrow holder must stay at a fair, third-party status
- Offer opinions about tax implications
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The Escrow Holder Will:
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The Escrow Holder Won't:
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Mortgage Escrow Account
Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.
Now you know more about being in escrow. And, you can be a better informed home buyer and future homeowner.
