Completing the Transaction

Escrow
To finish the sale of a home, a neutral, third party (the escrow agent) 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 a buyer and a seller when the transaction is taking place. PayPal is a simple way to think of an escrow company.

The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are reached prior to the sale being completed.

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The documents the escrow holder 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

Upon finishing 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 house is then transferred to you as new homeowner and appropriate title insurance is issued as outlined in the escrow instructions.

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

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow instructions Request title research Comply with lender's guidelines as specified in the escrow agreement Intake payments from the buyer Prorate insurance, tax, interest 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 complete Disburse payments and finalize instructions		Give advice - the escrow agent must stay at a fair, third-party status Give insight 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 how to close on your future home. And, you can be a more confident home buyer and future homeowner.