I'll Champion for You Through Closing

Escrow
When you're closing on your new house, an escrow holder is used to make sure the transaction will close correctly and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an online purchase, PayPal is the neutral third party that obtains the buyer's funds, and then disburses the money to the seller.

The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are completed prior to the sale being finalized.

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The documents the escrow holder may obtain include: 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

Upon finishing of all portions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. Title to the house is then transferred to you as buyer and appropriate title insurance is 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 up-to-date on the on the next steps.

The Escrow Holder Will:		The Escrow Holder Won't:
Prepare escrow guidelines Perform a title inquiry Meet lender's standards as noted in the escrow agreement Receive funds from the buyer Prorate interest, insurance, tax and other payments according to guidelines Record deeds and other paperwork as instructed Obtain title insurance policy Close escrow when all instructions of seller and buyer are complete Disburse monies and finalize instructions		Advise you - the escrow agent stays at an impartial, third-party status Offer opinions about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is established to pay on-going 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 easy to understand guide about the escrow process. Your individual plan may be different depending on your lender and your escrow company.