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Let's talk about "escrow". When you're closing on your new property, an escrow company is used to insure the process will close properly and in a certain amount of time. A home is said to be in escrow when in the closing process, funds is held by a third party on behalf of a buyer and a seller when the transaction is taking place. For example, in an Internet purchase, PayPal is the secure third party that obtains the buyer's money, and then disburses the funds to the seller.


Clearing the final hurdles like obtaining funds, completing forms, getting the documents for loans and liens, and assuring you get a spotless title to the property in preparation of your purchase gets finalized are all part of the job of the escrow company.

Escrow agents want to acquire the following records:

  • 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

You're ready to close when all parts are done in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. Title to the house is then transferred to you as new owner and related title insurance is issued as outlined in the escrow policy.

When closing is completely finished, you'll make a payment to the escrow agent. We'll keep you up-to-date on the procedure.

The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Petition title inquiry
  • Meet the bank's requirements as noted in the escrow agreement
  • Receive payments from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are complete
  • Disburse monies and finalize instructions
  • Offer advice - the escrow holder stays a neutral, third-party status
  • Give insight about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is used to pay rolling fees while there is a loan on the 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 simple outline of the escrow process. Your specific process may be different depending on your bank and your escrow holder.

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