Whether it's your first property or your next home, I'll advise you through the process. E-mail me at jgatlproperties@gmail.com to get some free information.

What is Escrow?

 JG Atlanta Properties, LLC. can walk you through closing - (770) 708-3308
Let's talk about "escrow". An escrow agent is brought on to assure your property closes on time and the money exchanging part of closing goes smoothly. A house is said to be in escrow when in the closing process, funds is held by a third party on behalf of a buyer and a seller when the exchange of money takes place. A simple way to think of what an escrow company does is to think of how you might use PayPal for online purchases.

Clearing the final hurdles like taking in funds, finishing forms, getting the documents for loans and liens, and assuring you get a clean title to the property before your purchase gets finalized are all parts of closing in which an escrow company is useful.

Escrow companies want to obtain the following records:

  • 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
  • Terms of sale and any seller-assisted financing

Upon completion of all instructions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. The property's title gets handed over to you and title insurance is issued per the steps of your particular escrow agreement.

The escrow holder receives a payment when the closing is complete. I'll keep you up-to-date on what comes next.

The Escrow Holder Will:

  • Write escrow guidelines
  • Perform a title search
  • Meet lender's standards as written in the escrow agreement
  • Accept 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 met
  • Disburse payments and finalize instructions

The Escrow Holder Won't:

  • Advise you - the escrow holder has to remain an impartial, third-party status
  • Dispense opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Petition title inquiry
  • Meet the bank's standards as noted in the escrow agreement
  • Accept payments from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse monies and finalize instructions
  • Offer advice - the escrow company must stay at a fair, third-party status
  • Offer opinions about the outcome of your taxes

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

Now you know more about how to close on your future home. And, you can be a more informed home buyer and future homeowner.