Jason DeRousseau

Rice Lake, Wisconsin
Broker/Owner
715-296-6368
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How Escrow Works

The House is Almost Yours

 RE/MAX Advantage can walk you through closing - (715) 736-7000

First, a little about "escrow". To close the sale of a place, a neutral, third party (the escrow company) is brought into the picture to assure the transaction will close appropriately and on time. A home is said to be in escrow when in the closing transaction, funds is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the transaction is taking place. PayPal is a good example of an escrow company.

 

The escrow company is careful to assure that all terms and conditions of the seller's and buyer's contract are met prior to the sale being finished. This includes securing monies and certificates, filling out required forms, and obtaining the release documents for any loans or liens that are to be paid with the transaction, assuring you have a clear title to your property before the negotiated price is fully paid.

These are the legal forms that escrow companies usually compile:

You're ready to close when all steps are finished in escrow process. All outstanding payments and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The house's title gets handed over to you and title insurance is issued per the steps of your individual escrow agreement.

The escrow holder receives a payment when the closing is complete. I'll keep you informed on the procedure.


     
The Escrow Holder Will:   The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Petition title search
  • Meet the bank's standards as noted in the escrow agreement
  • Intake funds 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 are met
  • Disburse payments and finish instructions
 
  • Give advice - the escrow agent stays at an impartial, third-party status
  • Give insight about the outcome of your taxes

The Escrow Holder Will:

 

The Escrow Holder Won't:

  • Write escrow guidelines
  • Request title research
  • Comply with lender's guidelines as outlined in the escrow agreement
  • Accept payments from the buyer
  • Prorate interest, insurance, tax 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 monies and finalize instructions
 
  • Offer advice - the escrow company stays at an impartial, third-party status
  • Offer opinions about tax implications

Mortgage Escrow Account

A Mortgage Escrow Account is started to pay on-going fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

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


RE/MAX Advantage | 715-736-7000 | Contact Us 
1810 S. Main Street - Rice Lake, WI 54868
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