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Closing the Sale in New York
Let's talk about "escrow". An escrow holder is used to assure your property closes on time and the money exchanging part of closing goes smoothly.
A property is said to be in escrow when in the closing process, funds is held by a third party on behalf of two parties when the exchange of money takes place.
PayPal is a simple way to think of an escrow company.
The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are met prior to the sale being completed.
These are the documents that escrow companies usually compile:
- Requests for payment for various services to be paid out of escrow funds
- Loan documents
- Tax statements
- Fire and other insurance policies
- Title insurance policies
- Terms of sale and any seller-assisted financing
You're ready to close when all steps are finished in escrow process.
All expenses like title insurance, inspections and real estate commissions are paid.
The house's title gets handed over to you and title insurance is issued per the policies of your particular escrow agreement.
The escrow holder gets a payment when the closing is complete.
As your real estate agent, I'll inform you of the acceptable way of paying.
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The Escrow Holder Will: |
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The Escrow Holder Won't: |
- Prepare escrow instructions
- Request title inquiry
- Comply with the bank's guidelines 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 documents as instructed
- Obtain title insurance policy
- Close escrow when all instructions of seller and buyer are complete
- Disburse monies and finalize instructions
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- Offer advice - the escrow company has to remain an impartial, third-party status
- Give insight about tax implications
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Mortgage Escrow Account
Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house.
Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
Once you're at ease with the escrow process, you can be a more assured buyer.