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Escrow: To complete the sale of a house, a neutral, third party (the escrow holder) is brought into the picture to assure the transaction will close appropriately and on time. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. For example, in a Web transaction, PayPal is the reliable third party that obtains the buyer's money, and then sends the funds to the seller.

The escrow agent insures that all terms and conditions of the seller's and buyer's contract are met prior to the sale being finished. This includes receiving monies and certificates, finishing required forms, and obtaining the release documents for any loans or liens that have been cleared with the transaction, assuring you have a clear title to your property before the asking price is fully paid.

Escrow agents want to obtain the following documents:

  • 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

Closing on the property happens when the steps of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. The house's title gets handed over to you and title insurance is issued per the steps of your particular escrow process.

At the close of escrow, payments of funds are made in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Petition title research
  • Comply with lender's standards as outlined in the escrow agreement
  • Receive payments from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • 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 payments and finish instructions
  • Offer advice - the escrow agent must maintain a neutral, third-party status
  • Dispense opinions about the outcome of your taxes

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.

Now you know more about being in escrow. And, you can be a more confident home buyer and future homeowner.

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