Completing the Transaction

The escrow agent insures that all terms and conditions of the seller's and buyer's negotiated agreement are met prior to the sale being finalized. This includes getting monies and paperwork, signing required forms, and obtaining the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a unobstructed title to your place before the negotiated price is fully paid.

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The documents the escrow agent may secure 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

Upon completion of all portions of the escrow, closing can take place. All outstanding payments and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the home and the title insurance gets issued as agreed upon in the escrow instructions.

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:		The Escrow Holder Won't:
Prepare escrow guidelines Petition title search Meet the bank's standards 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 legal documents as instructed Request title insurance policy Close escrow when all instructions of seller and buyer are complete Disburse monies and finish instructions		Give advice - the escrow agent must maintain a neutral, third-party status Give insight about future tax estimations

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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 might be different based on your lender and your escrow agent.