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The House is Almost Yours

 Stoneridge Realty & Property Management Services can walk you through closing - 760-727-3776
Let's talk about "escrow". To finish the sale of a property, a neutral, third party (the escrow holder) is employed to assure the process will close appropriately and on time. Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a simple way to think of an escrow company.

The escrow holder insures that all terms and conditions of the seller's and buyer's agreement are completed prior to the sale being finished. This includes securing monies and documents, filling out required forms, and seeking out the release documents for any loans or liens that have been cleared with the transaction, assuring you have a clear title to your home before the agreed upon price is fully paid.

The pieces of paperwork the escrow holder may obtain include:

  • 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 done. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then given to you as buyer and appropriate title insurance is issued as noted in the escrow instructions.

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

The Escrow Holder Will:

  • Prepare escrow instructions
  • Petition title search
  • Meet the bank's standards as outlined in the escrow agreement
  • Accept funds 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 funds and finalize instructions

The Escrow Holder Will Not:

  • Tell you what's best - the escrow company stays at an impartial, third-party status
  • Dispense opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Perform a title search
  • Meet the bank's standards as noted in the escrow agreement
  • Accept 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 are complete
  • Disburse payments and finish instructions
  • Advise you - the escrow holder stays at an impartial, third-party status
  • Offer opinions about tax implications

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.