The Home is Almost Yours

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Escrow
An escrow agent is hired to assure your property closes on time and the money exchanging part of closing goes smoothly. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. PayPal is a good example of an escrow company.

Clearing the final hurdles like receiving funds, signing forms, getting the documents for loans and liens, and making sure you a spotless title to the house prior to your purchase gets finalized are all part of the job of the escrow company.

Whether it's your first house or your next place, we'll walk you through the process. E-mail me at homes@jennymcguire.com.

These are the legal documents that escrow agents usually compile:

  • Loan documents
  • 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

Upon completion of all portions of the escrow, closing can take place. All debts and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then given to you as buyer and correct title insurance is issued as noted in the escrow policy.

The escrow holder receives a payment when the closing is complete. I'll keep you informed on the on the next steps.

The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Request title search
  • Meet lender's standards as specified in the escrow agreement
  • Accept payments from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are met
  • Disburse payments and finish instructions
  • Give advice - the escrow holder stays at an impartial, third-party status
  • Give insight about tax implications

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

Once you're at ease with the escrow process, you can be a better buyer.


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