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Escrow
To complete the sale of a place, a neutral, third party (the escrow agent) is brought into the picture to assure the process will close perfectly and on time. A property is said to be in escrow when in the closing transaction, funds is held by a third party on behalf of a buyer and a seller when the transaction is taking place. PayPal is a good example of an escrow company.

The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are met prior to the sale being finished.

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The pieces of paperwork the escrow holder may secure include: 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

Upon finishing of all portions 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. The home's title goes to to you and title insurance is issued per the steps of your particular escrow process.

The escrow holder gets a payment at the completion of closing. I'll keep you coach you on the on the next steps.

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow guidelines Perform a title inquiry Meet lender's requirements as specified in the escrow agreement Intake payments from the buyer Prorate insurance, tax, interest and other payments according to guidelines 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		Offer advice - the escrow holder has to remain an impartial, third-party status Dispense opinions about the outcome of your taxes

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.

This is a quick run-down of the escrow process. Your specific process may vary depending on your lender and your escrow company.