Closing on a property - 410-647-8000 ext. 817

Whether it's your first home or your next home, I'll walk you through the process. E-mail me at christybishop@comcast.net to get some free information.

Escrow 101

Berkshire Hathaway Home Services PenFed Realty can walk you through closing - 410-647-8000 ext. 817

First, a little about "escrow". To close the sale of a place, a neutral, third party (the escrow agent) is engaged to assure the process will close properly and on time. When money is 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.

The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are completed in preparation of the sale being finished.

These are the records that escrow agents usually look to collect:

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 finishing of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then transferred to you as buyer and appropriate title insurance is issued as noted in the escrow policy.

At the close of escrow, in an acceptable form to the escrow. I'll keep you up-to-date on what comes next.

The Escrow Holder Will:

Prepare escrow instructions
Perform a title research
Meet the bank's guidelines as written in the escrow agreement
Accept funds from the buyer
Prorate insurance, tax, interest and other payments according to guidelines
Record deeds and other documents as instructed
Request title insurance policy
Close escrow when all terms of agreement of seller and buyer are met
Disburse payments and finish instructions

The Escrow Holder Won't:

Tell you what's best - the escrow holder must stay at a fair, third-party status
Dispense opinions about tax implications

The Escrow Holder Will:		The Escrow Holder Won't:
Prepare escrow guidelines Perform a title research Meet lender's requirements as written in the escrow agreement Receive payments from the buyer Prorate tax, interest, insurance and other fees according to instructions Record deeds and other documents as instructed Request title insurance policy Close escrow when all terms of agreement of seller and buyer are complete Disburse monies and finish instructions		Tell you what's best - the escrow company stays a neutral, third-party status Dispense 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. 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 have the ABCs of the escrow process down, you can be a confident buyer.

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