Understanding how Escrow works – J. Briann Realty Group, Inc., West Palm Beach, FL

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Let's talk about "escrow". When you're closing on your new place, a neutral, third party (known as the escrow holder or the escrow agent) is used to insure the transaction will close without problems and in a timely manner. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an Internet transaction, PayPal is the neutral third party that holds the buyer's payment, and then sends the money to the seller.

The escrow agent makes sure that the terms and conditions of the agreement between the two parties are met in preparation of the sale being finished.

These are the records that escrow agents usually look for:

Requests for payment for various services to be paid out of escrow funds
Loan documents
Tax statements
Fire and other insurance policies
Title insurance policies
Terms of sale and any seller-assisted financing

You're ready to close when all steps are complete in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. Title to the home is then transferred to you as now current homeowner and correct title insurance is issued as noted in the escrow policy.

When closing is completely finished, you'll make a payment to the escrow company. As your REALTOR, I'll let you know what is an acceptable form of payment.

The Escrow Holder Will:

Write escrow instructions
Perform a title search
Comply with the bank's guidelines as specified in the escrow agreement
Receive payments from the buyer
Prorate interest, insurance, tax and other payments according to guidelines
Record deeds and other legal documents as instructed
Request title insurance policy
Close escrow when all instructions of seller and buyer are met
Disburse payments and finalize instructions

The Escrow Holder Won't:

Tell you what's best - the escrow company must maintain a neutral, third-party status
Offer opinions about future tax estimations

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow instructions Request title search Meet the bank's guidelines as outlined in the escrow agreement Intake payments from the buyer Prorate interest, insurance, tax and other payments according to guidelines Record deeds and other legal documents as instructed Request title insurance policy Close escrow when all terms of agreement of seller and buyer are complete Disburse funds and finish instructions		Tell you what's best - the escrow company stays at an impartial, third-party status Dispense opinions about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is started to pay rolling expenses 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.

Once you have the basics of the escrow process down, you can be a confident buyer.

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