How Escrow Works - Latte Stone Properites, LLC, Guam

The process of buying a home for the first time can be intimidating. Let me help you. Call me at (671) 647-5577.

First-Time Home Buying: Closing

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

Escrow: When you're closing on your new property, an escrow holder is used to assure the process will close properly and in a certain amount of time. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good way to picture an escrow company.

Tying up any loose ends like obtaining funds, finishing forms, obtaining the documents for loans and liens, and making sure you get a spotless title to the house before your purchase gets finalized are all parts of closing in which an escrow agent is useful.

Escrow holders look for the following records:

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
Loan documents
Tax statements

Closing on the home takes place when the steps of the escrow are finished. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. You'll then secure the title to the house and the title insurance gets dispersed as outlined in the escrow instructions.

The escrow company gets a payment at the completion of closing. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

Assemble escrow instructions
Request title research
Comply with the bank's guidelines as noted in the escrow agreement
Accept funds from the buyer
Prorate insurance, tax, interest and other payments according to guidelines
Record deeds and other documents as instructed
Request title insurance policy
Close escrow when all terms of agreement of seller and buyer are complete
Disburse payments and finalize instructions

The Escrow Holder Will Not:

Advise you - the escrow agent stays at an impartial, third-party status
Offer opinions about future tax estimations

The Escrow Holder Will:		The Escrow Holder Won't:
Write escrow instructions Request title inquiry Meet lender's guidelines as specified in the escrow agreement Accept payments from the buyer Prorate interest, insurance, tax and other payments according to instructions Record deeds and other legal documents as instructed Obtain title insurance policy Close escrow when all instructions of seller and buyer have been met Disburse funds and finish instructions		Tell you what's best - the escrow agent stays a neutral, third-party status Offer opinions about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is started 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.

Once you're at ease with the escrow process, you can be a confident buyer.

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