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Let's talk about "escrow". When you're closing on your new home, an escrow company is used to assure the process will close appropriately and in a specific time frame. A property 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. For example, in an Internet transaction, PayPal is the reliable third party that obtains the buyer's payment, and then hands over the payment to the seller.

The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are met in preparation of the sale being finished.

These are the records that escrow agents usually compile:

  • 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 each step of the complete in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. The house's title gets handed over to you and title insurance begins per the policies of your individual escrow process.

At the close of escrow, in an acceptable form to the escrow. I'll keep you informed on the procedure.

The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow guidelines
  • Request title search
  • Comply with the bank's standards as specified in the escrow agreement
  • Accept payments from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been met
  • Disburse payments and finish instructions
  • Tell you what's best - the escrow agent stays a neutral, third-party status
  • Dispense opinions about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is started to make payments for recurring fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

This is a quick run-down of the escrow process. Your individual methods may be slightly different based on your bank and your escrow company.

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