Whether it's your first house or your next house, I'll advise you through the process. E-mail me at carlisamsmith@gmail.com .

The House is Almost Yours

 J. Briann Realty Group, Inc. can walk you through closing - 561-688-1316
Escrow: To finish the sale of a property, a neutral, third party (the escrow holder) is engaged to assure the transaction will close appropriately 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 a Web transaction, PayPal is the neutral third party that holds the buyer's funds, and then sends the payment to the seller.

Tying up any loose ends like obtaining funds, signing forms, getting the documents for loans and liens, and assuring you get a clean title to the house before your purchase gets finalized are all parts of closing in which an escrow agent is useful.

The documents the escrow holder 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 all parts are complete in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then transferred to you as buyer and related title insurance is issued as noted in the escrow instructions.

The escrow holder receives a payment at the completion of closing. I'll keep you updated on what comes next.

The Escrow Holder Will:

  • Write escrow guidelines
  • Perform a title search
  • Meet the bank's standards as outlined in the escrow agreement
  • Accept payments from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are met
  • Disburse monies and finalize instructions

The Escrow Holder Won't:

  • Give advice - the escrow agent stays a neutral, third-party status
  • Offer opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Perform a title search
  • Comply with lender's guidelines as specified 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
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse funds and finish instructions
  • Give advice - the escrow company stays at an impartial, third-party status
  • Offer opinions about tax implications

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 being in escrow. And, you can be a more confident home buyer and future homeowner.

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