How Escrow Works - Latte Stone Properites, LLC, Guam

Whether it's your first property or your next property, I'll advise you through the process. Call me at (671) 647-5577 and I'll give help you purchase the home you want.

Completing the Transaction

Latte Stone Properties, LLC can walk you through closing - (671) 647-5577

Escrow: When you're closing on your new house, an escrow agent is used to ensure the transaction will close correctly and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an Internet purchase, PayPal is the secure third party that obtains the buyer's cash, and then hands over the funds to the seller.

The escrow company makes sure that the terms and conditions of the agreement between the two parties are reached prior to the sale being finalized.

Escrow agents want to acquire the following legal documents:

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

Upon completion of all instructions of the escrow, closing can take place. All payments owed and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then given to you as buyer and related title insurance is issued as outlined in the escrow policy.

When closing is completely finished, you'll submit a payment to the escrow holder. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

Prepare escrow instructions
Request title inquiry
Meet lender's guidelines as written in the escrow agreement
Intake 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 instructions of seller and buyer have been met
Disburse payments and finalize instructions

The Escrow Holder Won't:

Tell you what's best - the escrow agent has to remain an impartial, third-party status
Give insight about future tax estimations

The Escrow Holder Will:		The Escrow Holder Won't:
Write escrow guidelines Petition title research Comply with the bank's guidelines as outlined in the escrow agreement Receive funds from the buyer Prorate tax, interest, insurance and other fees according to instructions Record deeds and other paperwork as instructed Obtain title insurance policy Close escrow when all instructions of seller and buyer have been finished Disburse monies and finish instructions		Offer advice - the escrow agent must maintain a neutral, third-party status Offer opinions about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is established to pay rolling expenses while there is a loan on the house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

Now you know more about how to close on your future home. And, you can be a more confident home buyer and future homeowner.

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