What Are Escrow Fees? - 111-111-1111

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First-Time Home Buying: How To Close on a Property

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Escrow: An escrow agent is brought on to assure your house closes on time and the money exchanging part of closing goes smoothly. 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 online auction, PayPal is the secure third party that obtains the buyer's funds, and then disburses the funds to the seller.

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

The records the escrow holder may secure include:

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
Title insurance policies

Upon completion of all instructions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. Title to the home is then transferred to you as buyer and related title insurance is issued as noted in the escrow instructions.

At the close of escrow, payments of funds are made in an acceptable form to the escrow. We'll keep you updated on the procedure.

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow instructions Request title inquiry Comply with lender's guidelines as noted in the escrow agreement Intake payments 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 terms of agreement of seller and buyer have been finished Disburse payments and finalize instructions		Advise you - the escrow agent must stay at a fair, third-party status Offer opinions about future tax estimations

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

Now you know more about being in escrow. And, you can be a better informed home buyer and future homeowner.

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