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

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Escrow: When you're closing on your new home, an escrow agent is used to insure the process will close properly and on time. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good way to picture an escrow company.

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

The certificates 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

Closing on the property takes place when all of the procedures of the escrow are done. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The home's title is given to you and title insurance begins per the policies of your particular escrow process.

When closing is done, you'll pay the fees to the escrow agent. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

Assemble escrow guidelines
Perform a title inquiry
Meet lender's requirements as outlined in the escrow agreement
Receive funds from the buyer
Prorate tax, interest, insurance and other fees according to guidelines
Record deeds and other documents as instructed
Obtain title insurance policy
Close escrow when all terms of agreement of seller and buyer are met
Disburse monies and finish instructions

The Escrow Holder Won't:

Advise you - the escrow holder has to remain an impartial, third-party status
Offer opinions about tax implications

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow guidelines Perform a title research Comply with the bank's requirements 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 legal documents as instructed Obtain title insurance policy Close escrow when all instructions of seller and buyer are complete Disburse funds and finalize instructions		Tell you what's best - the escrow holder stays a neutral, third-party status Give insight about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is started to make payments for on-going fees while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

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

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