How Escrow Works - Latte Stone Properites, LLC, Guam

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First, a little about "escrow". When you're closing on your new home, an escrow holder is used to guarantee the transaction will close correctly and in a timely manner. A home is said to be in escrow when in the closing process, funds is held by a third party on behalf of two parties when the transaction is taking place. For example, in a Web purchase, PayPal is the secure third party that obtains the buyer's funds, and then sends the money to the seller.

The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are completed in preparation of the sale being finalized.

Escrow holders collect the following legal documents:

Loan documents
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

You're ready to close when each step of the finished in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. The property's title gets handed over to you and title insurance begins per the policies of your particular escrow agreement.

At the close of escrow, payments of funds are 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:

Assemble escrow guidelines
Petition title research
Meet lender's requirements as outlined in the escrow agreement
Intake payments from the buyer
Prorate tax, interest, insurance and other fees according to guidelines
Record deeds and other paperwork as instructed
Obtain title insurance policy
Close escrow when all terms of agreement of seller and buyer are complete
Disburse monies and finalize instructions

The Escrow Holder Will Not:

Offer advice - the escrow company stays a neutral, third-party status
Dispense opinions about future tax estimations

The Escrow Holder Will:		The Escrow Holder Won't:
Prepare escrow guidelines Petition title search Meet 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 Request title insurance policy Close escrow when all terms of agreement of seller and buyer are complete Disburse payments and finish instructions		Advise you - the escrow holder stays at an impartial, third-party status Offer opinions about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is used to pay rolling fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

Now you know more about being in escrow. And, you can be a smarter home buyer and future homeowner.

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