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:
• 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
Share
Local Expert Updates
Beth Toliver
Cell: 712.330.4793
Aaron Jones
Cell: 712.336.4967
Rachel Heyer
Cell: 712.336.4967
Tia Hofmeyer
Cell: 712.320.7653Community Updates
Midwest Modern Furniture
Spirit LakeTalk about a fun place to shop--this is one of the best! The owners and staff (including Britt, the furniture dog) are so personable and welcoming that you'll find yourself hanging out in their store because it's so much like home (or what you'd like your home to be)! They have great furniture, rugs, lighting to fit any budget. They also sell vintage pieces which don't last long in the store! And plants, yes, they even have plants! Plan to spend some time when you come here because there's so much to see! Located at 3520 Hwy 71 South, Spirit Lake or go to midwestmodernfurniture.com.
Healthy Smiles Family Dentistry
Spirit LakeWe understand the importance of good dental hygiene and oral care and are committed to providing you the best care in a fun, pleasant environment. Using the latest technology, our experienced staff works together as a team to give you exceptional quality treatment from the time you walk in for your initial visit.
Nautical Bar & Grill
Arnolds ParkThis Bar/Restaurant has an amazing selection of beers on tap and bottled to suit any beer drinkers needs. Nautical serves lunch & dinner and be sure to try the wings, which are made with homemade sauces and cooked to a crisp perfection. A great atmosphere in the heart of Arnolds Park.
Useful Resource Links
Area Schools
Colleges
Medical Facilities
Office Area
Town/City Information
Subscribe To Our Newsletter
The newsletter is sent periodically and will update you on the latest real estate news and offers.