Using an Escrow Agent

 United Realty Group can walk you through closing - (561) 826-9333

Escrow
To finish the sale of a house, a neutral, third party (the escrow agent) is brought into the picture to assure the transaction will close appropriately and on time. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. A simple way to understand the concept of what an escrow company does is to think of the use of PayPal for Internet purchases.

Settling the last details like taking in funds, finishing forms, getting the documents for loans and liens, and assuring you a clear title to the home in preparation of your purchase gets finalized are all parts of closing in which an escrow agent is useful.

Don't let real estate industry jargon prevent you from becoming a homeowner. We can help you become knowledgeable about the process. Contact us.

These are the documents that escrow holders usually look to collect:

  • 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
  • Title insurance policies

You're ready to close when all steps are done in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. The property's title is given to you and title insurance begins per the policies of your individual escrow agreement.

At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. I'll keep you informed on the through the procedure.

The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Perform a title research
  • Meet lender's standards as noted in the escrow agreement
  • Intake payments from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse funds and finish instructions
  • Tell you what's best - the escrow holder must maintain a neutral, third-party status
  • Give insight about the outcome of your taxes

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 more assured buyer.


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