Nick Alameddin
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HOW Escrow Works
To finalize the sale of the home a neutral, third party (the escrow holder, a.k.a. escrow agent) is engaged to assure the transaction will close properly and on time. The escrow holder insures that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being finalized, including receiving funds and documents, completing required forms, and obtaining the release documents for any loans or liens that have been paid off with the transaction, assuring you clear title to your property before the purchase price is fully paid.
 
The documentation the escrow holder may be collecting includes:
 
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
 
Upon completion of all instructions of the escrow, closing can take place. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then transferred to the seller and appropriate title insurance is issued as outlined in the escrow instructions.
At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. As your real estate agent, I'll inform you of the acceptable form.
 
The Escrow Holder Will: The Escrow Holder Won't:
Prepare escrow instructions
Request title search
Comply with lender's requirements as specified in the escrow agreement
Receive funds from the buyer
Prorate insurance, tax, interest and other payments according to instructions
Record deeds and other documents as instructed
Request title insurance policy
Close escrow when all instructions of seller and buyer have been met
Disburse funds and finalize instructions
Give advice - the escrow holder must maintain neutral, third-party status
Offer opinions about tax implications
 
Mortgage Escrow Account
A Mortgage Escrow Account is established to pay on-going expenses while there is a loan on the house. These expenses include property taxes, home insurance, mortgage insurance, and other escrow items. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.
 
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Premiere Homes 10784 Pacific Canyon Way San Diego, CA 92121
 Phone: 858-455-6700 Fax: 858-455-0100
DRE License # 01426515
 
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Note: Premiere is dedicated to providing valuable Real Estate information to prospective home buyers and sellers. We specialize in luxury real estate and oceanfront homes in La Jolla, Del Mar, Carmel Valley , Solana Beach , Encinitas, Cardiff by the Sea, and Carlsbad . The information supplied is as is, and is subject to change or deletion without prior notice. Premiere does not claim or warrant the accuracy or suitability of the information on this website for any purpose. All properties listed may be sold or withdrawn from the market at any time. Information regarding a property may change at any time. Premiere is not responsible for any typographical errors, inaccurate information, or omissions. Please call us if you have any question or would like to know how we can help you find your next dream home. Contact Premiere Real Estate Professionals for the latest information on Homes, Condos, Town homes, and Luxury beachfront Real Estate in La Jolla , Del Mar, Carmel Valley , Solana Beach , Encinitas, Cardiff , and Carlsbad . All real estate listings are provided by Sandicor. For any reference please visit Wikipedia or Dmoz


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