Escrow
To finalize the sale of a home a neutral, third party (the escrow holder, a.k.a. escrow agent or Attorney) is engaged to assure the transaction will close properly and on time. 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, including receiving funds and documents, completing required forms, and obtaining the release documents for any loans or liens that have been paid off with the transaction, assuring you clear title to your property before the purchase price is fully paid.
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The documentation the escrow holder may be collecting includes:
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Upon completion of all instructions of the escrow, closing can take place. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then transferred to the seller and appropriate title insurance is issued as outlined 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 agent, I'll inform you of the acceptable form.
| The Escrow Holder Will: | The Escrow Holder Won't: | |
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Mortgage Escrow Account
A Mortgage Escrow Account is established to pay on-going expenses while there is a loan on the house. These expenses include property taxes, home insurance, mortgage insurance, and other escrow items. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
For this and other great advice please visit my websites at www.lauraslexingtonhomes.com or www.laurasclients.com
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Chip Jefferson
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Great outline, except that in MD and VA, the broker, listing or selling, will hold the escrow in about 999/1000 cases.
Our laws permit a broker to be a "trust agent" for the earnest money.
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