Buying property for the first time can be intimidating. I can help. Contact me and I'll make sure you're a confident buyer.

The House is Almost Yours

 Homes With Leah can walk you through closing - (405) 414-2433
Escrow: An escrow agent is hired to assure your property closes on time and the closing process goes smoothly. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. An everyday way to understand the concept of what an escrow company does is to think of the use of PayPal for Internet purchases.

Tying up any loose ends like receiving funds, signing forms, obtaining the documents for loans and liens, and assuring you get a clean title to the home before your purchase gets finalized are all part of the job of the escrow agent.

Escrow agents want to acquire the following records:

  • 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
  • Title insurance policies

Upon finishing of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the property and the title insurance gets dispersed as outlined in the escrow instructions.

The escrow agent receives a payment when the closing is complete. As your agent, I'll let you know what is an acceptable form of payment.

The Escrow Holder Will:

  • Prepare escrow instructions
  • Perform a title search
  • Meet lender's guidelines as written in the escrow agreement
  • Accept payments from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are met
  • Disburse funds and finalize instructions

The Escrow Holder Won't:

  • Offer advice - the escrow company has to remain an impartial, third-party status
  • Give insight about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow guidelines
  • Request title research
  • Meet lender's standards as specified in the escrow agreement
  • Accept funds from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse funds and finish instructions
  • Offer advice - the escrow company stays a neutral, third-party status
  • Give insight about tax implications

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

This is a quick run-down of the escrow process. Your particular methods could be slightly different depending on your bank and your escrow agent.

Looking to Buy?

Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

Your Information
Some Details