sellboji

What Exactly Is Escrow?

So, what is escrow, exactly?
Escrow is an arrangement in which a neutral third party holds onto funds and key documents involved in a home sale, and then distributes them according to the agreement between the buyers and sellers. The escrow period begins when a seller accepts a buyer's offer, and ends at the closing table.  At Remax, we perform Escrow in house rather than hiring a 3rd party.
 
Have your earnest deposit money in an easily accessible account when home shopping. This will enable you to move fast on an offer if you find your perfect place.
 
Purchasing a house isn't like buying shoes; there's a lot of money involved, a lot of steps to manage, and a lot at stake. So the buyers and sellers don't exchange money and documents directly with one another. They do it through the escrow account.
Escrow ensures accountability. Buyers want to be sure all contingencies are met (inspection, title report, secured mortgage, etc.) before the sellers cash any checks. Sellers want to make sure they receive funds before they hand over the deed.
What happens during escrow?
An escrow account opens up when buyers put down earnest money to show the sellers that they’re serious about buying the home. A Remax Settlement/closing agent handles all the escrow work with help from the agents.
An escrow officer, or settlement agent, does the following:

• Holds funds and documents.
• Processes and facilitates the flow of documents and funds.
• Keeps all parties informed of progress.
• Responds to the lender's requirements.
• Secures a title insurance policy (if necessary).
• Obtains approval of reports and documents from all parties.
• Prorates and adjusts insurance, taxes, rents, fees, etc.
• Records the deed and loan documents.
• Keeps track of and holds onto money owed and money deposited.

 
Escrow closes when all the tasks, documents and funds are performed or secured by the escrow officer.

 

Get In Touch

Local Expert Updates

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

712.330.0604

712.336.4967

Aaron Jones RE/MAX Hall of Fame (Real Estate Agent)

Aaron Jones

RE/MAX Hall of Fame

712.320.9442

712.336.4967

Janie Eick  (Real Estate Agent)

Janie Eick

712.339.0574

712.336.4967

Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

712.330.1573

712.336.4967

Community Updates

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Stan's Bait Shop

Milford

Stan’s Bait Shop 2306 Okoboji Ave Milford, IA 51351 Stan’s Bait shop is located on the Hwy on the North end of Milford. Stan’s offers a great selection of products and services including fish

More Info
Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

The Clubhouse

Milford

The Clubhouse 2501 Boji Bend Dr Milford, IA 51351 The Clubhouse is a smaller, comfortable restaurant with great food and a good atmosphere and even better food. There is a full bar, TV’s for the

More Info
Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Tom's Plumbing & Heating

Arnolds Park

Located in the heart of the Iowa Great Lakes Area, Tom's Plumbing and Heating has been offering you local Plumbing/ HVAC services for MANY years. Call Tom's Plumbing for your Plumbing / HVAC needs,

More Info

Subscribe To Our Newsletter

The newsletter is sent periodically and will updated you on the latest real estate news and offers.

Your browser is out-of-date!

Update your browser to view this website correctly.

Update my browser now

×