The Property is Almost Yours

Escrow
When you're closing on your new property, an escrow company is used to make certain the process will close properly and in a timely manner. A property is said to be in escrow when in the closing process, funds is secured by a third party on behalf of two parties (in this case, a buyer and a seller) when the transaction is taking place. For example, in an Web purchase, PayPal is the reliable third party that holds the buyer's funds, and then sends the money to the seller.

Settling the last details like obtaining funds, finishing forms, getting the documents for loans and liens, and assuring you a clean title to the home in preparation of your purchase gets finalized are all part of the job of the escrow agent.

	Don't let real estate industry jargon keep you from becoming a homeowner. We can help you work your way through the process. Contact us and we'll help you become a well-informed buyer.

These are the documents that escrow companies usually look to collect: 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. All debts and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then obtain the title to the house and the title insurance gets issued as agreed upon in the escrow instructions.

The escrow agent receives a payment when the closing is complete. I'll keep you up-to-date on the what comes next.

The Escrow Holder Will:		The Escrow Holder Won't:
Write escrow guidelines Request title research Comply with the bank's standards as outlined in the escrow agreement Intake funds from the buyer Prorate tax, interest, insurance and other fees according to guidelines Record deeds and other paperwork as instructed Request title insurance policy Close escrow when all terms of agreement of seller and buyer have been finished Disburse payments and finalize instructions		Offer advice - the escrow holder stays at an impartial, third-party status Give insight 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

Once you're familiar with the escrow process, you can be a more assured buyer.