Understanding how Escrow works – Castles & Homes, Edmond, OK

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What To Expect When You're Closing in Edmond

Castles & Homes can walk you through closing - 4058060003

First, a little about "escrow". An escrow agent is brought on to assure your home closes on time and the closing process goes smoothly. Escrow companies hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an online auction, PayPal is the neutral third party that obtains the buyer's funds, and then disburses the payment to the seller.

The escrow company makes sure that the terms and conditions of the agreement between the two parties are met prior to the sale being finalized.

These are the pieces of paperwork that escrow companies usually look for:

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 parts are complete in escrow process. All outstanding payments and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then secure the title to the home and the title insurance gets dispersed as outlined in the escrow instructions.

When closing is in it's last step, you'll pay the fees to the escrow company. I'll keep you updated on what comes next.

The Escrow Holder Will:

Write escrow instructions
Petition title research
Meet lender's guidelines as noted 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
Obtain title insurance policy
Close escrow when all terms of agreement of seller and buyer are met
Disburse funds and finalize instructions

The Escrow Holder Will Not:

Advise you - the escrow company must stay at a fair, third-party status
Dispense opinions about tax implications

The Escrow Holder Will:		The Escrow Holder Won't:
Write escrow guidelines Request title inquiry Meet the bank's requirements as noted in the escrow agreement Accept payments from the buyer Prorate insurance, tax, interest and other payments according to guidelines Record deeds and other paperwork as instructed Request title insurance policy Close escrow when all instructions of seller and buyer are met Disburse payments and finish instructions		Give advice - the escrow agent stays at an impartial, third-party status Give insight 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. 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 have the rules of the escrow process down, you can be a better buyer.

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