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What is Escrow?

 J. Briann Realty Group, Inc. can walk you through closing - 561-688-1316
Escrow: When you're closing on your new house, an escrow company is used to make sure the transaction will close appropriately and in a timely manner. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. PayPal is a simple way to think of an escrow company.

The escrow company insures that all terms and conditions of the seller's and buyer's contract are met prior to the sale being finished. This includes securing monies and documents, finishing required forms, and getting the release documents for any loans or liens that were cleared with the transaction, assuring you have a clean title to your home before the final price is fully paid.

These are the records that escrow companies usually look for:

  • 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. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then transferred to you as buyer and appropriate title insurance is issued as noted in the escrow policy.

When closing is completed, you'll pay the fees to the escrow company. I'll keep you up-to-date on the procedure.

The Escrow Holder Will:

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

The Escrow Holder Won't:

  • Offer advice - the escrow holder must maintain a neutral, third-party status
  • Give insight about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Request title inquiry
  • Comply with lender's standards as specified in the escrow agreement
  • Intake 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 are met
  • Disburse payments and finish instructions
  • Tell you what's best - the escrow agent stays at an impartial, third-party status
  • Give insight about future tax estimations

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

Now you know more about how to close on your future home. And, you can be a more informed home buyer and future homeowner.

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