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  • Tax statements
  • Fire and other insurance policies
  • Title insurance policies
  • Terms of sale and any seller-assisted financing
  • Requests for payment for various services to be paid out of escrow funds
  • Whether it's your first home or your next home, I'll help you through the process. E-mail me at homeswithleah@gmail.com .

    What is Escrow?

     Homes With Leah can walk you through closing - (405) 414-2433
    First, a little about "escrow". An escrow company is brought on to assure your house closes on time and the process goes smoothly. Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a good example of an escrow company.

    Tying up any loose ends like obtaining funds, completing forms, obtaining the documents for loans and liens, and assuring you get a spotless title to the house before your purchase gets finalized are all part of the job of the escrow company.

    Escrow companies collect the following documents:

    Closing on the home takes place when the steps of the escrow are done. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. You'll then secure the title to the home and the title insurance gets issued as agreed upon in the escrow instructions.

    The escrow company receives a payment when the closing is complete. As your real estate professional, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Petition title search
    • Meet lender's standards as noted in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments 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 have been met
    • Disburse funds and finish instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow holder stays at an impartial, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Perform a title inquiry
    • Meet lender's requirements as noted in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse monies and finish instructions
    • Give advice - the escrow agent must stay at a fair, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    Now you know more about being in escrow. And, you can be a smarter home buyer and future homeowner.

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