Rules for Using an Escrow Company

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Let's talk about "escrow". An escrow holder is brought on to assure your place closes on time and the process goes smoothly. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a simple way to think of an escrow company.

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

The pieces of paperwork the escrow agent may secure include:

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 every step is finished in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. You'll then get the title to the house and the title insurance gets dispersed as stated in the escrow instructions.

At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

Write escrow instructions
Petition title research
Meet the bank's guidelines as specified in the escrow agreement
Accept 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 have been finished
Disburse funds and finalize instructions

The Escrow Holder Won't:

Advise you - the escrow holder has to remain an impartial, third-party status
Offer opinions about the outcome of your taxes

The Escrow Holder Will:		The Escrow Holder Won't:
Write escrow instructions Petition title search Meet the bank's requirements as noted in the escrow agreement Intake payments from the buyer Prorate interest, insurance, tax and other payments according to instructions Record deeds and other legal documents as instructed Obtain title insurance policy Close escrow when all terms of agreement of seller and buyer have been finished Disburse funds and finalize instructions		Advise you - the escrow holder has to remain an impartial, third-party status Dispense opinions about future tax estimations

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

This is a easy to understand guide about the escrow process. Your specific process will vary depending on your lender and your escrow holder.

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