Purchasing a home for the first time can be overwhelming. I can help. Contact me.

The Place is Almost Yours

 JG Atlanta Properties, LLC. can walk you through closing - (770) 708-3308
Let's talk about "escrow". To finalize the sale of a house, a neutral, third party (the escrow holder) is engaged 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 exchange of money takes place. For example, in a Web transaction, PayPal is the reliable third party that obtains the buyer's money, and then disburses the funds to the seller.

The escrow holder insures that all terms and conditions of the seller's and buyer's negotiated agreement are met prior to the sale being completed. This includes receiving funds and paperwork, signing required forms, and getting the release documents for any loans or liens that were cleared with the transaction, assuring you have a free title to your property before the negotiated price is fully paid.

These are the records that escrow agents usually compile:

  • Terms of sale and any seller-assisted financing
  • Requests for payment for various services to be paid out of escrow funds
  • Loan documents
  • Tax statements
  • Fire and other insurance policies
  • Title insurance policies

Upon finishing of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. The house's title gets handed over to you and title insurance begins per the steps of your particular escrow agreement.

The escrow company gets a payment at the completion of closing. I'll keep you informed on the procedure.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Perform a title search
  • Comply with lender's requirements as written in the escrow agreement
  • Intake funds from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are met
  • Disburse monies and finalize instructions

The Escrow Holder Will Not:

  • Tell you what's best - the escrow holder stays a neutral, third-party status
  • Give insight about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Petition title inquiry
  • Meet the bank's requirements 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 legal documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are complete
  • Disburse payments and finish instructions
  • Tell you what's best - the escrow agent must stay at a fair, third-party status
  • Dispense opinions about future tax estimations

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

Once you're comfortable with the escrow process, you can be a informed buyer.