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Let's talk about "escrow". To finalize the sale of a house, a neutral, third party (the escrow agent) is employed to assure the process will close appropriately and on time. A place 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 exchange of money takes place. PayPal is a simple way to think of an escrow company.

The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached prior to the sale being finalized.

Escrow holders look for the following forms:

  • 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
  • Tax statements

You're ready to close when all parts are complete in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The home's title is given to you and title insurance begins per the policies of your particular escrow agreement.

At the close of escrow, payments of funds are made in an acceptable form to the escrow. As your real estate agent, I'll let you know what is an acceptable form of payment.

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Petition title inquiry
  • Comply with lender's standards as written in the escrow agreement
  • Intake 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 are met
  • Disburse funds and finalize instructions

The Escrow Holder Will Not:

  • Advise you - the escrow agent has to remain an impartial, third-party status
  • Give insight about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Petition title inquiry
  • Meet the bank's standards as outlined in the escrow agreement
  • Receive funds from the buyer
  • Prorate interest, insurance, tax 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 have been met
  • Disburse funds and finalize instructions
  • Offer advice - the escrow holder must maintain a neutral, third-party status
  • Dispense opinions about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is established to make payments for recurring fees while there is a loan on the house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

This is a easy to understand guide about the escrow process. Your particular methods will be unique depending on your lender and your escrow agent.


Shapar Homes

3525 Del Mar Heights Road #264
San Diego, CA 92130