Escrow 101

 BRS Realtors, Inc. can walk you through closing - (305)382-3105

Escrow
An escrow company is used to assure your property closes on time and the money exchanging part of closing goes smoothly. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a simple way to think of an escrow company.

Settling the last details like taking in funds, finishing forms, obtaining the documents for loans and liens, and assuring you a clear title to the property before your purchase gets finalized are all part of the job of the escrow company.

Don't let the unknown keep you from becoming a homeowner. We can help you understand the process. E-mail us at angel@brsrealtor.com.

These are the records that escrow agents usually look for:

  • 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

Upon completion of all portions of the escrow, closing can take place. All debts and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then given to you as new owner and related title insurance is issued as outlined in the escrow policy.

The escrow company gets a payment at the completion of closing. I'll keep you updated on the through the procedure.

The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow guidelines
  • Petition title inquiry
  • Meet lender's standards as outlined 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
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse payments and finish instructions
  • Advise you - the escrow holder must stay at a fair, third-party status
  • Offer opinions about tax implications

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.

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

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