Whether it's your first home or your next place, I'll advise you through the process. E-mail me at joe@joepryor.com to get some free information.

I'll Champion for You Through Closing

 The Virtual Real Estate Team can walk you through closing - (405) 509-5335
First, a little about "escrow". When you're closing on your new home, a neutral, third party (known as the escrow holder or the escrow agent) is used to guarantee the transaction will close properly and on time. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. An easy way to understand the concept of what an escrow company does is to think of the use of PayPal for online purchases.

The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are completed prior to the sale being completed.

These are the pieces of paperwork 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 every step is complete in escrow process. All debts and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title goes to you and title insurance begins per the policies of your particular escrow agreement.

The escrow holder receives a payment at the completion of closing. I'll keep you up-to-date on what comes next.

The Escrow Holder Will:

  • Prepare escrow instructions
  • Request title inquiry
  • Meet lender's requirements as specified in the escrow agreement
  • Accept funds from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse funds and finalize instructions

The Escrow Holder Won't:

  • Tell you what's best - the escrow agent stays at an impartial, third-party status
  • Dispense opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Request title research
  • Comply with lender's guidelines as written in the escrow agreement
  • Receive funds 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 terms of agreement of seller and buyer are met
  • Disburse funds and finish instructions
  • Offer advice - the escrow holder stays a neutral, third-party status
  • Dispense opinions 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

This is a simple outline of the escrow process. Your particular methods will vary depending on your lender and your escrow company.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question