How Escrow Works - Latte Stone Properites, LLC, Guam

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Closing the Sale in Tamuning, Guam

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Escrow: To finalize the sale of a home, a neutral, third party (the escrow holder) is employed to assure the process will close appropriately and on time. A place is said to be in escrow when in the closing process, money is secured by a third party on behalf of a buyer and a seller when the exchange of money takes place. For example, in an Internet transaction, PayPal is the reliable third party that obtains the buyer's cash, and then disburses the money to the seller.

The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are performed in preparation of the sale being finalized.

Escrow agents want to acquire the following forms:

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 all parts are finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then given to you as new owner and correct title insurance is issued as outlined in the escrow instructions.

At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

Prepare escrow instructions
Request title research
Meet lender's guidelines as noted 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 terms of agreement of seller and buyer have been met
Disburse payments and finalize instructions

The Escrow Holder Will Not:

Offer advice - the escrow company has to remain an impartial, third-party status
Give insight about the outcome of your taxes

The Escrow Holder Will:		The Escrow Holder Won't:
Prepare escrow guidelines Request title search Meet lender's standards as outlined in the escrow agreement Receive payments 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 are met Disburse monies and finish instructions		Advise you - the escrow company stays a neutral, third-party status Dispense opinions about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is used to pay recurring fees 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.

Once you have the basics of the escrow process down, you can be a informed buyer.

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