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I'll Champion for You Through Closing

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First, a little about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is hired to assure your place closes on time and the money exchanging part of closing goes smoothly. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in a Web auction, PayPal is the neutral third party that obtains the buyer's funds, and then hands over the payment to the seller.

Clearing the final hurdles like taking in funds, completing forms, getting the documents for loans and liens, and assuring you get a clean title to the house prior to your purchase gets finalized are all part of the job of the escrow holder.

These are the pieces of paperwork that escrow holders usually look for:

  • 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
  • Fire and other insurance policies

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 secure the title to the property and the title insurance gets dispersed as noted in the escrow instructions.

The escrow agent receives a payment when the closing is complete. 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 guidelines as written in the escrow agreement
  • Receive payments from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse payments and finalize instructions
  • Give advice - the escrow holder must stay at a fair, third-party status
  • Offer opinions about tax implications

Mortgage Escrow Account

A Mortgage Escrow Account is used to pay rolling fees while there is a loan on the house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

Once you're comfortable with the escrow process, you can be a informed buyer.

insurance, and other escrow items. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.