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Completing the Transaction

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Let's talk about "escrow". To close the sale of a house, a neutral, third party (the escrow company) is engaged to assure the process will close perfectly and on time. A home is said to be in escrow when in the closing transaction, payment is held by a third party on behalf of two parties when the transaction is taking place. A simple way to understand the concept of what an escrow company does is to compare it to PayPal for Internet purchases.


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

The pieces of paperwork the escrow company may collect include:

  • 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
  • Tax statements

Closing on the home happens when all of the procedures of the escrow are finished. All debts and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then secure the title to the property and the title insurance gets dispersed as outlined in the escrow instructions.

At the close of escrow, payments are submitted in an acceptable form to the escrow. We'll keep you up-to-date on the procedure.

The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow guidelines
  • Request title search
  • Meet the bank's standards as outlined in the escrow agreement
  • Intake funds 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 monies and finish instructions
  • Give advice - the escrow agent stays at an impartial, third-party status
  • Give insight about tax implications

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

This is a simple outline of the escrow process. Your individual plan might be slightly different based on your bank and your escrow company.

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