The Property is Almost Yours

Escrow
To finalize the sale of a home, a neutral, third party (the escrow agent) is brought into the picture to assure the transaction will close correctly and on time. A place is said to be in escrow when in the closing transaction, funds is secured by a third party on behalf of a buyer and a seller when the transaction is taking place. PayPal is a good way to picture an escrow company.

Clearing the final hurdles like taking in funds, signing forms, securing the documents for loans and liens, and assuring you a clean title to the house prior to your purchase gets finalized are all parts of closing in which an escrow company is useful.

	Whether it's your first house or your next place, we'll help you through the process. Contact us.

The documents the escrow holder may secure include: Loan 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

Closing on the home takes place when all of the procedures of the escrow are complete. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. The home's title goes to to you and title insurance begins per the policies of your individual escrow agreement.

The escrow agent gets a payment when the closing is complete. As your real estate agent, I'll let you know what is an acceptable way of paying.

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow instructions Perform a title inquiry Comply with lender's requirements as written in the escrow agreement Intake payments from the buyer Prorate insurance, tax, interest and other payments according to instructions Record deeds and other paperwork as instructed Request title insurance policy Close escrow when all instructions of seller and buyer have been met Disburse payments and finalize instructions		Give advice - the escrow company must maintain a neutral, third-party status Offer opinions about future tax estimations

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

This is a quick run-down of the escrow process. Your particular plan could be unique depending on your bank and your escrow agent.