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
Brooke Jones
Cell: 641.420.2172
Matt Lippon
Cell: 712.330.0604
Aaron Jones
Cell: 712.320.9442
Charlie Leissler
Cell: 712.229.9809Community Updates
Central Emporium
The Central Emporium is the best variety of shops and attractions, all under one roof! This location features shops for swimsuits, sweatshirts, jewelry, decorations for your home and some things that are just for fun. Find sweet treats at the candy store, enjoy a lakeside lunch or cocktail at the lower level patio bar, or have dinner with an amazing view of West Lake. Make sure to stop at the Central Emporium on your next Okoboji summer vacation.
Spencer Hospital
Spencer Hospital delivers the highest quality healthcare in its area.They are compassionate about their patients, while providing high-tech, and professional care to each of their patients. They have a specialized cancer center, diagnostic imaging, surgery center, and a brand new OB unit. Spencer Hospital's amazing doctors provide personalized care, and treat each patient with compassion, and care.
Salon M Spa
Salon M Spa is an Aveda concept salon in Spencer. Located in the Southpark Mall, this upscale salon is sure to exceed your expectations. Salon M Spa's services include hair cuts, colors, highlights, updo's, and even extensions. They also offer waxing, manicures, pedicures, and spray tanning. As an Aveda salon, their mission is to be environmental leaders, by creating environmentally friendly products, and be environmentally conscious in the beauty world. Another cool thing about this salon, is that they are 99.9% paperless, which means you'll be handed an iPad, instead of a book or magazine. You can even bring your own ear buds to watch Netflix while you're getting your services done.