Understanding how Escrow works – Hall Group Realty, Tulsa, OK

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Buying Your Next Property: Closing

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Escrow: A neutral, third party (known as the escrow holder or the escrow agent) is hired to assure your place closes on time and the closing process goes smoothly. A property is said to be in escrow when in the closing process, funds is secured by a third party on behalf of two parties when the transaction is taking place. An easy way to understand the concept of what an escrow company does is to compare it to PayPal for Internet purchases.

The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are reached prior to the sale being finalized.

The pieces of paperwork the escrow company may obtain include:

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
Fire and other insurance policies

You're ready to close when every step is complete in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then given to you as new owner and correct title insurance is issued as noted in the escrow policy.

The escrow agent receives a payment when the closing is complete. I'll keep you informed on what comes next.

The Escrow Holder Will:

Prepare escrow guidelines
Request title research
Comply with the bank's requirements as outlined in the escrow agreement
Intake funds from the buyer
Prorate insurance, tax, interest and other payments according to guidelines
Record deeds and other legal documents as instructed
Obtain title insurance policy
Close escrow when all instructions of seller and buyer are met
Disburse funds and finalize instructions

The Escrow Holder Won't:

Offer advice - 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:
Assemble escrow instructions Perform a title inquiry Comply with the bank's requirements as specified in the escrow agreement Accept funds from the buyer Prorate tax, interest, insurance and other fees according to guidelines Record deeds and other legal documents as instructed Request title insurance policy Close escrow when all instructions of seller and buyer are met Disburse payments and finalize instructions		Advise you - the escrow holder has to remain an impartial, third-party status Dispense opinions about tax implications

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

Now you know more about being in escrow. And, you can be a more confident home buyer and future homeowner.

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