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Escrow Process
To
finalize the sale of the home a neutral, third party (escrow
agent) is engaged to assure the transaction will close properly
and on time. The escrow holder insures that all terms and
conditions of the seller's and buyer's agreement are met prior
to the sale being finalized, including receiving funds and
documents, completing required forms, and obtaining the release
documents for any loans or liens that have been paid off with
the transaction, assuring you clear title to your property
before the purchase price is fully paid.
The documentation the escrow holder may be collecting includes:
• 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 instructions of the escrow, closing
can take place. All outstanding payments 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 transferred to the seller and appropriate title insurance
is issued as outlined in the escrow instructions.
At the close of escrow, payment of funds shall be made in
an acceptable for to the escrow. As your real estate agent,
I'll inform you of the acceptable form.
The Escrow holder will:
• Prepare escrow instructions
• Request title search
• Comply with lender’s requirements as specified
in the escrow agreement
• Receive funds from the buyer
• Prorate interest, tax, insurance and other payments
according to the instructions
• Record deeds and other documents as instructed
• Request title insurance policy
• Close escrow when all instructions of seller and buyer
have been met
• Disburse funds and finalize instructions
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