How Escrow Works - Latte Stone Properites, LLC, Guam

Purchasing property for the first time can be overwhelming. I can help. E-mail me at frank@lspguam.com .

What To Expect When You're Closing in Tamuning

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

Escrow: An escrow company is brought on to assure your property closes on time and the money exchanging part of closing goes smoothly. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. For example, in a Web auction, PayPal is the secure third party that obtains the buyer's cash, and then sends the money to the seller.

The escrow holder makes sure that the terms and conditions of the agreement between the two parties are reached in preparation of the sale being completed.

The certificates the escrow company may secure include:

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

Upon finishing of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the property and the title insurance gets dispersed as agreed upon in the escrow instructions.

At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. As your real estate professional, I'll let you know what is an acceptable way of paying.

The Escrow Holder Will:

Prepare escrow instructions
Petition title inquiry
Comply with the bank's standards as written in the escrow agreement
Accept payments from the buyer
Prorate interest, insurance, tax and other payments according to guidelines
Record deeds and other paperwork as instructed
Obtain 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
Dispense opinions about future tax estimations

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow guidelines Petition title inquiry Meet the bank's requirements as noted in the escrow agreement Receive payments 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 are complete Disburse monies and finalize instructions		Offer advice - the escrow agent must stay at a fair, third-party status Offer opinions about tax implications

Mortgage Escrow Account

A Mortgage Escrow Account is used to make payments for on-going expenses while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

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

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