Escrow Advantage

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What is the Escrow process? What happens at the closing? As a Buyer entering into Escrow what must I do? When will Escrow need my closing funds? As a Seller entering into Escrow what must I do? What Escrow fee & closing costs are required? When will Seller receive net proceeds check? After closing now what? What if the transaction isn’t completed – What happens to my deposit? Why do I need Escrow? Weather you are the Buyer or Seller, you want assurance that no funds or property will change hands until all of your instructions have been followed. With the increasing complexity of business, law and tax structures, it takes a trained professional to supervise the transaction. What is the Escrow process? The escrow service company of holder prepares the escrow instructions from information supplied by the Real Estate Agent in accordance with the Real Estate Contract signed by Buyer and Seller. These contract instructions, once signed by the principals, provide authorization by the Seller to have the escrow holder deliver to the Buyer the documents necessary for ownership when the Buyer has deposited the agreed upon purchase price and when all other instructions have been complied with. The instructions also provide the buyer’s authorization to deliver the purchase money to the Seller once the escrow holder has recorded the Deed and escrow has ordered a Policy of Title Insurance insuring the Buyer will receive clear title. What happens at the closing? After the Buyer has signed loan documents, the documents are returned to the lender for funding. When all conditions of the loan have been met, the lender will fund the day prior to recording. When all conditions of the instructions have been met, the escrow holder “closes the escrow” by recording the documents. After recording, escrow will disburse funds according to instructions, including loan payoffs, real estate commissions, recoding fees, etc., and deliver the proceeds to the Seller and title to the Buyer. As a Buyer entering into Escrow what must I do?

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