Be Informed About the Escrow Process

Whether it's your first home or your next home, I'll help you through the process. E-mail me at george@lopezfinancialinc.com .

The Place is Almost Yours

In Home Realty can walk you through closing - 6266087310

Escrow: To finish the sale of a home, a neutral, third party (the escrow company) is employed to assure the process will close correctly and on time. Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a good way to picture an escrow company.

The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are completed in preparation of the sale being finished.

Escrow agents collect the following legal 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
Loan documents

Closing on the home happens when all of the procedures of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. The house's title is given to you and title insurance is issued per the steps of your particular escrow agreement.

At the close of escrow, payments are submitted in an acceptable form to the escrow. As your agent, I'll inform you of the acceptable way of paying.

The Escrow Holder Will:

Prepare escrow guidelines
Perform a title search
Comply with lender's requirements as noted 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 terms of agreement of seller and buyer are met
Disburse monies and finalize instructions

The Escrow Holder Won't:

Offer advice - the escrow holder stays at an impartial, third-party status
Dispense opinions about future tax estimations

The Escrow Holder Will:		The Escrow Holder Won't:
Prepare escrow guidelines Request title search Comply with the bank's requirements as outlined in the escrow agreement Receive payments from the buyer Prorate insurance, tax, interest and other payments according to instructions 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		Offer advice - the escrow company must maintain a neutral, third-party status Give insight 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

Now you know more about being in escrow. And, you can be a smarter home buyer and future homeowner.