Buying a house for the first time can be overwhelming. Let me help you. E-mail me at jgatlproperties@gmail.com to get some free information.

First-Time Home Buying: How To Close on a Place

 JG Atlanta Properties, LLC. can walk you through closing - (770) 708-3308
Let's talk about "escrow". An escrow company is used to assure your place closes on time and the closing process goes smoothly. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. An everyday way to understand what an escrow company does is to think of how you might use PayPal for online purchases.

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 finalized.

The records the escrow company may secure include:

  • 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 the steps of the escrow are complete. All debts and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the house is then given to you as buyer and correct title insurance is issued as noted in the escrow policy.

When closing is completed, you'll pay the fees to the escrow agent. As your REALTOR, I'll let you know what is an acceptable way of paying.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Petition title research
  • Comply with lender's guidelines as outlined in the escrow agreement
  • Intake 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 terms of agreement of seller and buyer are complete
  • Disburse monies and finish instructions

The Escrow Holder Will Not:

  • Offer advice - the escrow holder stays a neutral, third-party status
  • Offer opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Petition title research
  • Comply with lender's guidelines as noted in the escrow agreement
  • Receive payments from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse funds and finish instructions
  • Give advice - the escrow holder stays a neutral, third-party status
  • Offer opinions about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is started to make payments for rolling fees 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.

Once you have the rules of the escrow process down, you can be a more assured buyer.