The Property is Almost Yours

Escrow
When you're closing on your new home, an escrow company is used to make certain the transaction will close correctly and on time. Escrow holders hold money for "safe-keeping" in a deal between a buyer and seller. PayPal is a good way to picture an escrow company.

The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are performed prior to the sale being finalized.

	Buying a home for the first time gets to feeling overwhelming. We can help. E-mail us at marvin@marvinlbush.com.

The records the escrow holder may collect include: 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

Closing on the home happens when the steps of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. You'll then receive the title to the property and the title insurance gets dispersed as stated in the escrow instructions.

At the close of escrow, fees are paid in an acceptable form to the escrow. As your agent, I'll let you know what is an acceptable form of payment.

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow guidelines Perform a title inquiry Meet lender's guidelines as specified in the escrow agreement Accept payments from the buyer Prorate interest, insurance, tax and other payments according to instructions Record deeds and other documents as instructed Obtain title insurance policy Close escrow when all terms of agreement of seller and buyer are complete Disburse payments and finalize instructions		Give advice - the escrow agent must stay at a fair, third-party status Offer opinions about tax implications

Mortgage Escrow Account

A Mortgage Escrow Account is used to make payments for rolling fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

This is a easy to understand guide about the escrow process. Your specific plan could be different based on your bank and your escrow agent.