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Buying Your Next Home: Closing
Escrow: To complete the sale of a home, a neutral, third party (the escrow agent) is brought into the picture to assure the process will close properly and on time.
Escrow holders hold money for "safe-keeping" in transactions between a buyer and seller.
For example, in an Internet auction, PayPal is the neutral third party that holds the buyer's cash, and then disburses the money to the seller.
The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being finished. This includes getting monies and certificates, finishing required forms, and seeking out the release documents for any loans or liens that were paid off with the transaction, assuring you have a free title to your place before the agreed upon price is fully paid.
These are the documents that escrow companies usually compile:
- 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
- Terms of sale and any seller-assisted financing
Closing on the house happens when the steps of the escrow are finished.
All debts and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions).
Title to the property is then given to you as buyer and correct title insurance is issued as noted in the escrow instructions.
When closing is in it's last step, you'll submit a payment to the escrow holder.
As your REALTOR, I'll inform you of the acceptable way of paying.
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The Escrow Holder Will: |
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The Escrow Holder Won't: |
- Write escrow guidelines
- Perform a title research
- Comply with the bank's requirements as written in the escrow agreement
- Intake payments from the buyer
- Prorate insurance, tax, interest and other payments according to guidelines
- Record deeds and other documents as instructed
- Request title insurance policy
- Close escrow when all instructions of seller and buyer are complete
- Disburse payments and finish instructions
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- Advise you - the escrow agent stays a neutral, third-party status
- Give insight about future tax estimations
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Mortgage Escrow Account
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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.
This is a simple outline of the escrow process. Your particular plan might be slightly different based on your bank and your escrow holder.