Don't let inexperience with the real estate industry scare you from becoming a homeowner. I can help you become knowledgeable about the process. Contact me and I'll make sure you're a smart buyer.

Completing the Transaction

 ERA Big Sun Realty can walk you through closing - 352-237-4343
First, a little about "escrow". An escrow holder is used to assure your home closes on time and the process goes smoothly. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. For example, in a Web auction, PayPal is the neutral third party that obtains the buyer's money, and then disburses the funds to the seller.

The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached prior to the sale being finished.

The documents the escrow agent may obtain include:

  • 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 each step of the finished in escrow process. All debts and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then given to you as new owner and correct title insurance is issued as outlined in the escrow policy.

The escrow holder receives a payment when the closing is complete. As your REALTOR, I'll inform you of the acceptable way of paying.

The Escrow Holder Will:

  • Prepare escrow instructions
  • Perform a title inquiry
  • Comply with lender's standards as written in the escrow agreement
  • Intake payments from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are complete
  • Disburse monies and finish instructions

The Escrow Holder Won't:

  • Advise you - the escrow company has to remain an impartial, third-party status
  • Dispense opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Petition title inquiry
  • Meet the bank's requirements as written 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
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse funds and finalize instructions
  • Offer advice - the escrow holder must stay at a fair, third-party status
  • Dispense opinions about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is established to pay rolling expenses 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 more confident home buyer and future homeowner.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question