Why Work With An Agent?Escrow BasicsChoosing Your HomeCreating Your Wish List
The Importance Of Pre-ApprovalLoan Application ChecklistUnderstanding Closing Costs

Escrow Basics

Escrow is the process where a neutral, third party such as our affiliate Professional Title, is hired to gather all the information needed by the parties to close the transaction, including receiving funds and documents, completing and filing required forms and obtaining release documents for any loans or liens that are paid off as part of the transaction.

Typical documentation collected by the escrow agent/holder includes:

  • Loan documents
  • Tax statements
  • Fire and other insurance policies
  • Title insurance policies
  • Purchase agreement
  • Documentation related to seller-financing
  • Requests for services to be paid out of escrow funds.

Upon completion of all escrow instructions, the closing can take place. All outstanding payments and fees are collected and paid, and title to the property is transferred and the title insurance issues, as dictated by the escrow instructions.

An Escrow Agent/Holder does the following:

  • Prepares escrow instructions
  • Requests a title search
  • Complies with lender instructions specified in the escrow agreement
  • Receives funds from the buyer
  • Prorates insurance, tax, interest and other payments according to instructions
  • Records deeds and other documents as instructed
  • Requests the title insurance policy
  • Closes escrow when all instructions of the seller and buyer have been met
  • Disburses funds and finalizes instructions.

An Escrow Agent/Holder does NOT do the following:

  • Give advice to either party – the escrow agent is a neutral, third party
  • Offer opinions about tax implications.

Find Your Property

Search by MLS number

Know exactly what you want?
Try our Advanced search

Questions? Just ask!





Reload Image

Register

Register as a New Visitor
to receive FREE Email Alerts whenever new listings match your saved search criteria. Use our Property Watch List to save your search parameters and rerun saved searches in seconds, without filling out new search form. Also, save individual property listings for quick retrieval. Already registered? Log in >

 

OUR PREFERRED OFFICES:

 RMXI   Bayview / Corporate
RMX2   Plantation
RMX3   Hillsboro Shores
RMX4   Wilton Manors

``````````````````````````````````````````````````````

         AGENT  INTRANET

``````````````````````````````````````````````````````

   West Insurance Video

``````````````````````````````````````````````````````

 

``````````````````````````````````````````````````````