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  • 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
  • Whether it's your first property or your next home, I'll walk you through the process. Contact me and I'll help you become a empowered buyer.

    Escrow 101

     Rosa Agency can walk you through closing - (201) 997-7860 x16
    Let's talk about "escrow". To close the sale of a place, a neutral, third party (the escrow company) is employed to assure the transaction will close properly and on time. Escrow holders hold money for "safe-keeping" in a deal between a buyer and seller. For example, in an online auction, PayPal is the neutral third party that obtains the buyer's cash, and then disburses the funds to the seller.

    The escrow company makes sure that the terms and conditions of the agreement between the two parties are reached in preparation of the sale being finished.

    Escrow agents look for the following documents:

    Upon finishing of all instructions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. Title to the property is then given to you as buyer and appropriate title insurance is issued as noted in the escrow policy.

    When closing is in it's last step, you'll pay the fees to the escrow agent. I'll keep you informed on the next steps.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Request title search
    • Comply with lender's requirements as written in the escrow agreement
    • Intake payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow company has to remain an impartial, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Perform a title inquiry
    • Comply with lender's requirements as noted in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse monies and finish instructions
    • Give advice - the escrow agent stays a neutral, third-party status
    • Give insight 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.

    This is a simple outline of the escrow process. Your individual plan might vary based on your lender and your escrow company.