Whether it's your first property or your next house, I'll walk you through the process. Contact me and I'll make sure you're a smart buyer.

Closing the Sale in Seattle, Washington

 RE/MAX Metro Realty, Inc. can walk you through closing -
Let's talk about "escrow". To finish the sale of a place, a neutral, third party (the escrow holder) is brought into the picture to assure the transaction will close correctly and on time. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. PayPal is a simple way to think of an escrow company.

Tying up any loose ends like receiving funds, finishing forms, getting the documents for loans and liens, and assuring you get a spotless title to the house prior to your purchase gets finalized are all part of the job of the escrow holder.

Escrow companies want to acquire the following forms:

  • 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 completion of all instructions of the escrow, closing can take place. All debts and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then transferred to you as new owner and appropriate title insurance is issued as outlined in the escrow instructions.

When closing is in it's last step, you'll pay the fees to the escrow holder. I'll keep you informed on the next steps.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Petition title inquiry
  • Comply with the bank's guidelines as noted in the escrow agreement
  • Intake funds from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse monies and finish instructions

The Escrow Holder Won't:

  • Advise you - the escrow agent has to remain an impartial, third-party status
  • Give insight about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow guidelines
  • Perform a title search
  • Comply with the bank's standards as noted in the escrow agreement
  • Intake payments from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other 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 company must maintain a neutral, third-party status
  • Give insight about future tax estimations

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 smarter home buyer and future homeowner.