Prepare Yourself for the Escrow Process

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Escrow 101

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Let's talk about "escrow". An escrow agent is brought on to assure your home closes on time and the process goes smoothly. Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller. An everyday way to understand the concept of what an escrow company does is to think of the use of PayPal for online purchases.

The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are performed in preparation of the sale being completed.

Escrow agents compile the following records:

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
Loan documents

Closing on the house takes place when the steps of the escrow are done. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. Title to the home is then transferred to you as now current homeowner and correct title insurance is issued as outlined in the escrow instructions.

At the close of escrow, in an acceptable form to the escrow. As your real estate agent, I'll inform you of the acceptable way of paying.

The Escrow Holder Will:

Write escrow guidelines
Request title research
Meet the bank's requirements as noted in the escrow agreement
Receive funds from the buyer
Prorate tax, interest, insurance and other fees according to instructions
Record deeds and other paperwork as instructed
Obtain title insurance policy
Close escrow when all terms of agreement of seller and buyer are complete
Disburse payments and finalize instructions

The Escrow Holder Will Not:

Advise you - the escrow holder must stay at a fair, third-party status
Offer opinions about future tax estimations

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow guidelines Petition title inquiry Comply with the bank's requirements as written in the escrow agreement Intake funds from the buyer Prorate tax, interest, insurance and other fees according to instructions 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 finish instructions		Give advice - the escrow agent stays a neutral, third-party status Offer opinions about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is started to pay 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 simple outline of the escrow process. Your particular methods will vary based on your lender and your escrow agent.

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