Don't let inexperience with the real estate industry prevent you from becoming a homeowner. I can help you understand the process. E-mail me at jusross@stapletonmortgage.net to get some free information.

The Property is Almost Yours

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Let's talk about "escrow". An escrow holder is hired to assure your place closes on time and the closing process goes smoothly. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a good example of an escrow company.

The escrow agent makes sure that all terms and conditions of the seller's and buyer's contract are met prior to the sale being finalized. This includes getting payments and paperwork, signing required forms, and seeking out the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a free title to your place before the asking price is fully paid.

These are the legal forms that escrow holders usually look to collect:

  • 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

Closing on the home takes place when the steps of the escrow are finished. All outstanding payments and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then transferred to you as new owner and correct title insurance is issued as outlined in the escrow policy.

At the close of escrow, fees are paid in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Petition title inquiry
  • Comply with the bank's guidelines as noted in the escrow agreement
  • Receive payments from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse funds and finish instructions
  • Advise you - the escrow company has to remain an impartial, third-party status
  • Offer opinions about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is established to make payments for rolling fees while there is a loan on the house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

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

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