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One of the stages of the home buying process is escrow. This process begins when the offer is accepted and ends once the financing is approved and the buyer and seller have fulfilled their requirements. So how does it work?
A neutral third party agent of the principals—buyer, seller, lender and borrower—is designated the escrow holder. This agent assists with the transfer of ownership by ensuring that the terms of the transaction are completed including safeguarding all funds (including the buyer’s deposit) and documents.
The escrow holder keeps track of obligations of the seller or buyer. For example, if the seller is required to supply a termite inspection, the escrow holder will make sure it is fulfilled before any funds are transferred to the seller. Findings in the termite inspection report must be corrected on or before the close of escrow.
In addition, the escrow holder receives from the title company a complete ownership history of the property and any liens on record in the preliminary title report. Any discrepancies that affect the condition of the title, such as condo liens, judgments, etc., against the buyer and seller, must be addressed prior to close of escrow.
The escrow process can last any number of days depending on what is agreed upon between the buyer and the seller. To assure a timely closing, it is important that each party provide the escrow holder requested information as soon as possible. For example, a lender will not fund a new home without a homeowner’s insurance policy. Without the lender’s verification that there is insurance, the escrow process may be delayed. An unsecured source of funding, such as a personal check can also delay the process, because it takes longer for those types of funds to clear.
The escrow process is just one step towards fulfilling the dream of homeownership. Contact me today for more information. |
Services for Home Buyers
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Congratulations! You've decided to purchase a home, or are thinking about buying one. You'll be joining the ranks of hundreds of families who rhave realized that home ownership offers a number of benefits, including building equity, saving for the future, and creating an environment for your family. When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours. Over time, your home will increase in value. In the following reports, you'll find the information you need to make a wise buying decision. We'll take you through the planning process step-by-step to help you determine which home is right for you. You'll find a host of informative articles on mortgages, viewing homes, the offer, closing details and moving. Please contact me if you have any questions about buying a home. |
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Do I Need A Home Inspection?
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For most people, purchasing a home is the biggest investment they will ever make. However, not receiving a home inspection is often their biggest mistake. A home inspector is a qualified professional who is trained to look for defects in the home's structure, windows, roof, heating/cooling systems, etc. While many buyers feel as though this is not necessary, they soon realize the importance.
An inspector provides the buyer with a detailed objective view of house's defects and accuracies. They have the required tools to determine if the furnace has a gas leak or if the basement is showing signs of mold. The inspection process and cost is determined by the square footage of the home, but typically only takes between 3-4 hours. Four hours is definitely worth a lifetime of peace of mind. |
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