I'll Champion for You Through Closing
Escrow
An escrow holder is hired to assure your property closes on time and the transaction goes smoothly.
When money is held by a third party in a transaction between a buyer and a seller, it's in escrow.
PayPal is a good example of an escrow company.
Tying up any loose ends like obtaining funds, finishing forms, securing the documents for loans and liens, and making sure you a clear title to the house in preparation of your purchase gets finalized are all part of the job of the escrow company.
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Whether it's your first house or your next home, we'll walk you through the process.
Call us at 602-316-0115 and we'll give all the info you'll need to move forward.
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The records the escrow company may secure include:
- 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
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Upon completion 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 property is then given to you as now current homeowner and related title insurance is issued as outlined in the escrow policy.
When closing is in it's last step, you'll make a payment to the escrow company.
I'll keep you updated on the what comes next.
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The Escrow Holder Will: |
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The Escrow Holder Won't: |
- Assemble escrow guidelines
- Perform a title research
- Meet lender's standards as specified in the escrow agreement
- Accept funds from the buyer
- Prorate tax, interest, insurance and other fees according to instructions
- Record deeds and other documents as instructed
- Obtain title insurance policy
- Close escrow when all terms of agreement of seller and buyer are complete
- Disburse monies and finish instructions
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- Offer advice - the escrow company stays a neutral, third-party status
- Offer opinions about tax implications
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Mortgage Escrow Account
A Mortgage Escrow Account is started to pay rolling expenses while there is a loan on the house.
Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.
Now you know more about being in escrow. And, you can be a smarter home buyer and future homeowner.
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