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Let's talk about "escrow". To finish the sale of a house, a neutral, third party (the escrow agent) is brought into the picture to assure the transaction will close perfectly and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a simple way to think of an escrow company.

The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached prior to the sale being completed.

Escrow companies compile the following legal documents:

  • 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

Upon finishing of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then get the title to the property and the title insurance gets issued as noted in the escrow instructions.

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

The Escrow Holder Will:

  • Write escrow instructions
  • Petition title research
  • Meet lender's standards as written in the escrow agreement
  • Accept funds from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse funds and finish instructions

The Escrow Holder Won't:

  • Advise you - the escrow agent must maintain a neutral, third-party status
  • Offer opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Request title inquiry
  • Meet lender's standards as outlined in the escrow agreement
  • Accept funds from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse monies and finalize instructions
  • Give advice - the escrow holder stays at an impartial, third-party status
  • Dispense 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. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

This is a simple outline of the escrow process. Your specific methods might be slightly different based on your bank and your escrow holder.

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