What Does It Mean When a House is in Escrow?
February 28, 2019The term escrow is one you will hear frequently when you are buying a new home. The escrow account is where all of the documents and monies associated with the sale of the property are kept until closing. The escrow account is in place until the closing process, and after closing, the escrow account is kept in place to hold the money necessary to pay property taxes. A house that has yet to be transferred from seller to buyer is considered "in escrow." When the seller of a property accepts an offer from a buyer, the process of escrow begins. This process includes depositing necessary funds, documents, and any special instructions into the escrow account for safekeeping until the closing occurs. The closing cannot occur until both the buyer and seller have met whatever obligations are required of them This ensures no funds are distributed until everything regarding the sale of the home is in order. An escrow agent is in charge of monitoring progress of the things that need to be done, and facilitating the closing when all obligations have been fulfilled.
What Happens During the Escrow Process?
Quite a bit has to happen while the house is under contract. While the process can vary from one state to the next, several steps are pretty common. Any of the inspections necessary will take place and your lender will have the home appraised as well. The escrow officer will assign a number to the account and the earnest money deposit, and any specific instructions related to the sale. Those instructions might include requirements for home and flood insurance, any inspections necessary or required by the lender, and anything else that is expected before the sale of the property can happen. There will be a title search and title insurance should be purchased for both the lender and the buyer.
Communication with your escrow company during this process is essential. If you have a good real estate agent, they will help you work with the title and escrow company to ensure that all tasks are accomplished. This is such an important part of the process. If even one thing (a particular inspection, for instance) is overlooked or not entered by the escrow agent, this will hold up the entire buying process. An unfulfilled obligation can even stop the buying process. The escrow obligations must be fulfilled in one way or another before the sale can happen. Once all obligations have been met according to documents and instructions in the escrow account, the escrow agent can distribute the necessary funds regarding the sale of the house as well as the title and deed.
How Do You Find an Escrow Agent?
An escrow agent will be a third party who can manage the escrow account impartially. A good way to ensure the entire closing process of your home goes smoothly is to work with a title and escrow company like Key Title and Escrow. We are a full-service title and escrow company serving statewide in Florida. Key Title & Escrow is the best Florida title and escrow company in the state. Our company has served the real estate industry for more than 21 years, developing a reputation for efficient, high-quality closings. We take pride in the work we do and make every effort to provide our clients with customer service that adheres to the highest set of standards. Our professionalism, fast and reliable service, and our commitment to excellence shines through in everything we do.
We understand how stressful it can be purchasing a home for the first time. You can't afford any mistakes, you don't need the stress, and you can't rely on a company with no experience in the real estate closing business. You need real estate professionals you can count on to get the job done as quickly and smoothly as possible. That's why Key Title and Escrow is your best choice for all the title and escrow services you need under one roof. This makes it convenient for our customers and allows them to focus on the joy of buying or selling.
At Key Title and Escrow, we offer a range of title and escrow services, property title searches, judgment and lien searches, Florida title insurance, record owner searches, and residential title services. We are equipped with the knowledge and skills needed to help you close on a home as quickly as possible, with no unnecessary delays. We work hard to ensure get buyers and sellers together for a successful closing experience. Our number on goal is to provide the best customer service in the business, along with high-quality closing services. We even do weekend closings to extend the convenience for our clients.
Key Title & Escrow is a big enough company to handle anything that may come up during the escrow and closing, but we are still small enough to give our clients the personal care they deserve. That's why Key Tile and Escrow is the leading title and escrow company in Florida. Since we have statewide closing, we can handle your closing anywhere in Florida. We always have your best interest at the heart of everything we do because our goal is to provide you with professional, efficient closing services in Florida. When you're ready to close on your new home, contact the real estate professionals at Key Title & Escrow today. Let us show you how our closing services are the best real estate closing services in the state of Florida.
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