2066861818 2066861818 Bellevue, Washington, Bellevue, how to choose a real estate agent, getting a real estate agent, picking a real estate agent, real estate professional, homeowner, home buyer, home sales, buying a house, buying a house in Bellevue, buying a house in Bellevue, buying a house in Washington, real estate agent in Bellevue, real estate agent in Bellevue, real estate agent in Washington, finding a real estate agent in Bellevue, finding a real estate agent in Bellevue, finding a real estate agent in Washington, buying houses, buying homes, selling homes, selling houses, Northwest Real Estate, things to look for when buying a home, how to buy a house, house hunting, home buying tip, home buying help, find a home to buy, home buying questions, home buying advice, home buying, home buying checklist, escrow, being in escrow, escrow agent, escrow fees, closing on a house, escrow companies
  • Loan documents
  • 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
  • Don't let real estate industry jargon scare you from becoming a homeowner. I can help you become knowledgeable about the process. Call me at 2066861818.

    I'll Champion for You Through Closing

     Northwest Real Estate can walk you through closing - 2066861818
    Let's talk about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is brought on to assure your house closes on time and the transaction goes smoothly. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good example of an escrow company.

    The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's contract are met prior to the sale being finished. This includes securing payments and paperwork, finishing required forms, and obtaining the release documents for any loans or liens that have been paid off with the transaction, assuring you have a free title to your house before the negotiated price is fully paid.

    Escrow holders compile the following documents:

    You're ready to close when all parts are finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The home's title gets transferred to you and title insurance is issued per the steps of your particular escrow agreement.

    At the close of escrow, fees are paid in an acceptable form to the escrow. As your agent, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Petition title inquiry
    • Meet the bank's requirements as outlined in the escrow agreement
    • Intake payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Give advice - the escrow company stays at an impartial, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Perform a title search
    • Comply with the bank's requirements as written in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse funds and finalize instructions
    • Offer advice - the escrow company stays at an impartial, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to make payments for recurring 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.

    This is a easy to understand guide about the escrow process. Your specific plan might be unique based on your bank and your escrow company.

    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