The process of buying real estate for the first time can be confusing. I can help. E-mail me at dantovich@cbnapavalley.com to get some free information.

What is Escrow?

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Escrow: To finish the sale of a home, a neutral, third party (the escrow agent) is employed to assure the process will close perfectly and on time. Escrow holders hold money for "safe-keeping" in a deal between a buyer and seller. PayPal is a simple way to think of an escrow company.


The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are completed in preparation of the sale being finalized.

The documents the escrow agent may obtain include:

  • 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
  • Tax statements
  • Fire and other insurance policies

Closing on the house takes place when all of the procedures of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the property and the title insurance gets issued as stated in the escrow instructions.

The escrow company receives a payment when the closing is complete. I'll keep you updated on the next steps.

The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Perform a title search
  • Comply with lender's guidelines as written in the escrow agreement
  • Accept payments from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • 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 finished
  • Disburse payments and finalize instructions
  • Advise you - the escrow company has to remain an impartial, third-party status
  • Give insight about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is established to make payments for on-going fees while there is a loan on the house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

Now you know more about being in escrow. And, you can be a better informed home buyer and future homeowner.

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