Split Rock Real Estate (518)587-8877
Steven H. McIntyre-Broker
Michael P. Ginley-Associate Broker
Steven H. Gottmann-Associate Broker
Home Contact Us Staff Profiles Our Featured Homes Split Rock Appraisals Ginley & Gottmann

Whether it's your first property or your next place, I'll walk you through the process. Call me at (518) 587-8877 and I'll give help you live in the home you want.

The Place is Almost Yours

 Split Rock Real Estate can walk you through closing - (518) 587-8877

Escrow
To close the sale of a place, a neutral, third party (the escrow holder) is employed to assure the process will close perfectly and on time. A house is said to be in escrow when in the closing process, payment is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the transaction is taking place. PayPal is a good example of an escrow company.

The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are performed prior to the sale being finished.

Escrow holders look for the following forms:

  • 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
  • Loan documents

Closing on the house takes place when all of the procedures of the escrow are finished. All payments owed and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then receive the title to the home and the title insurance gets dispersed as outlined in the escrow instructions.

The escrow agent gets a payment when the closing is complete. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Perform a title inquiry
  • Meet lender's guidelines as noted in the escrow agreement
  • Receive payments from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse funds and finish instructions
  • Offer advice - the escrow company must stay at a fair, third-party status
  • Give insight about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is started to pay rolling expenses while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

Now you know more about being in escrow. And, you can be a better informed home buyer and future homeowner.