(707) 869-9067 (707) 869-9067 Healdsburg, California, Healdsburg, how to choose a real estate agent, getting a real estate agent, picking a real estate agent, real estate professional, homeowner, home buyer, home sales, buying a house, buying a house in Healdsburg, buying a house in Healdsburg, buying a house in California, real estate agent in Healdsburg, real estate agent in Healdsburg, real estate agent in California, finding a real estate agent in Healdsburg, finding a real estate agent in Healdsburg, finding a real estate agent in California, buying houses, buying homes, selling homes, selling houses, RE/MAX Full Spectrum - Roxanne Mercer, things to look for when buying a home, how to buy a house, house hunting, home buying tip, home buying help, find a home to buy, home buying questions, home buying advice, home buying, home buying checklist, escrow, being in escrow, escrow agent, escrow fees, closing on a house, escrow companies
  • 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 place or your next home, I'll educate you through the process. Call me at (707) 869-9067 and I'll give help you obtain the house you want.

    Escrow 101

     RE/MAX  Full Spectrum - Roxanne Mercer can walk you through closing - (707) 869-9067
    First, a little about "escrow". When you're closing on your new place, an escrow holder is used to make sure the transaction will close correctly and in a certain amount of time. A place is said to be in escrow when in the closing transaction, payment is secured by a third party on behalf of a buyer and a seller when the exchange of money takes place. PayPal is a simple way to think of an escrow company.

    Clearing the final hurdles like obtaining funds, signing forms, securing the documents for loans and liens, and assuring you get a clear title to the property prior to your purchase gets finalized are all parts of closing in which an escrow agent is useful.

    These are the legal documents that escrow holders usually compile:

    Closing on the property happens when the steps of the escrow are complete. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. You'll then obtain the title to the property and the title insurance gets dispersed as outlined in the escrow instructions.

    When closing is finished, you'll make a payment to the escrow company. I'll keep you informed on what comes next.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Request title search
    • Comply with the bank's requirements as noted in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse payments and finish instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow holder stays at an impartial, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Perform a title research
    • Meet the bank's guidelines as noted in the escrow agreement
    • Receive funds 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 have been met
    • Disburse funds and finish instructions
    • Advise you - the escrow agent stays a neutral, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to make payments for recurring expenses while there is a loan on the 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.

    This is a easy to understand guide about the escrow process. Your particular methods will be different depending on your bank and your escrow holder.

    Got a Question?

    Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

    Your Information
    Your Question