The Property is Almost Yours
The escrow company makes sure that the terms and conditions of the agreement between the two parties are completed in preparation of the sale being finished.
Escrow companies want to obtain the following legal documents:
You're ready to close when all steps are done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. You'll then receive the title to the home and the title insurance gets dispersed as outlined in the escrow instructions.
When closing is done, you'll make a payment to the escrow holder. As your REALTOR, I'll inform you of the acceptable form of payment.
The Escrow Holder Will:
- Assemble escrow guidelines
- Request title inquiry
- Meet the bank's guidelines as outlined in the escrow agreement
- Receive payments 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 instructions of seller and buyer are complete
- Disburse funds and finalize instructions
The Escrow Holder Will Not:
- Give advice - the escrow company must stay at a fair, third-party status
- Dispense opinions about tax implications
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The Escrow Holder Will:
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The Escrow Holder Won't:
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Mortgage Escrow Account
A Mortgage Escrow Account is established to pay rolling expenses 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.
Once you have the basics of the escrow process down, you can be a confident buyer.
