How Escrow Works - Latte Stone Properites, LLC, Guam

Whether it's your first house or your next property, I'll walk you through the process. E-mail me at frank@lspguam.com to get some free information.

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First, a little about "escrow". To finalize the sale of a home, a neutral, third party (the escrow company) is brought into the picture to assure the transaction will close perfectly and on time. Escrow holders hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a good example of an escrow company.

The escrow holder insures that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being finalized. This includes receiving funds and paperwork, filling out required forms, and seeking out the release documents for any loans or liens that were cleared with the transaction, assuring you have a free title to your house before the purchase price is fully paid.

These are the legal forms that escrow holders usually compile:

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 steps are finished in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. You'll then get the title to the property and the title insurance gets issued as agreed upon in the escrow instructions.

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

The Escrow Holder Will:

Prepare escrow guidelines
Request title research
Comply with the bank's standards as outlined in the escrow agreement
Receive funds from the buyer
Prorate insurance, tax, interest 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 are met
Disburse payments and finalize instructions

The Escrow Holder Won't:

Offer advice - the escrow holder stays a neutral, third-party status
Give insight about the outcome of your taxes

The Escrow Holder Will:		The Escrow Holder Won't:
Assemble escrow guidelines Request title search Meet the bank's standards as outlined in the escrow agreement Accept funds from the buyer Prorate tax, interest, insurance and other fees according to guidelines Record deeds and other documents as instructed Request title insurance policy Close escrow when all instructions of seller and buyer are complete Disburse monies and finalize instructions		Tell you what's best - the escrow agent has to remain an impartial, third-party status Offer opinions about future tax estimations

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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 how to close on your future home. And, you can be a better informed home buyer and future homeowner.

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