What Exactly Is Escrow?

So, what is escrow, exactly?

 

Escrow is an arrangement in which a neutral third party holds onto funds and key documents involved in a home sale, and then distributes them according to the agreement between the buyers and sellers. The escrow period begins when a seller accepts a buyer's offer, and ends at the closing table.  At Remax, we perform Escrow in house rather than hiring a 3rd party.
 
Have your earnest deposit money in an easily accessible account when home shopping. This will enable you to move fast on an offer if you find your perfect place.
 
Purchasing a house isn't like buying shoes; there's a lot of money involved, a lot of steps to manage, and a lot at stake. So the buyers and sellers don't exchange money and documents directly with one another. They do it through the escrow account.
Escrow ensures accountability. Buyers want to be sure all contingencies are met (inspection, title report, secured mortgage, etc.) before the sellers cash any checks. Sellers want to make sure they receive funds before they hand over the deed.
What happens during escrow?
An escrow account opens up when buyers put down earnest money to show the sellers that they’re serious about buying the home. A Remax Settlement/closing agent handles all the escrow work with help from the agents.
An escrow officer, or settlement agent, does the following:

• Holds funds and documents.
• Processes and facilitates the flow of documents and funds.
• Keeps all parties informed of progress.
• Responds to the lender's requirements.
• Secures a title insurance policy (if necessary).
• Obtains approval of reports and documents from all parties.
• Prorates and adjusts insurance, taxes, rents, fees, etc.
• Records the deed and loan documents.
• Keeps track of and holds onto money owed and money deposited.

 
Escrow closes when all the tasks, documents and funds are performed or secured by the escrow officer.

 

Get In Touch

Local Expert Updates

Janie Eick

Cell: 712.339.0574

Brooke Jones

Cell: 641.420.2172

Community Updates

Snooks of Okoboji

Okoboji

Snook’s of Okoboji started primarily as a retail flooring store. After a transfer of ownership, the new owner, Bill Adams, has transformed our store into a one-stop home store. We now not only retail flooring, but also offer a wide selection of furniture, bedding, window treatments, decor and outdoor living. With the ability to purchase from the floor or order custom, we’ll make sure you get what you’re looking for to suit your space. Let our family help your’s.
Stop by today or shop online at snooksofokoboji.com.

Snooks of Okoboji in Okoboji

Woody's Pizza

Estherville

Woodys Pizza is the oldest existing pizza restaurant in Northwest Iowa. In 1961, Woody and Mae Condon started their first restaurant in Estherville, with four tables, an eight seat counter and carry-out service. There was no alcohol served. It became a gathering place for the young people of Estherville.
In 1980 they sold their restaurant to their son, Anthony, he and his family operated Woody's for over 30 years. On Jan. 1, 2018, Dave and Tasha Welch of Estherville are the new owners.
Now, Dave & Tasha are thrilled to be taking the reins to continue not only bringing you great tasting pizza with the original famous recipe, but to bring you excellent service as a family-run business Estherville can be proud of.
Dine in or Call 712-362-5610 for Carry Out and Delivery!

Woody's Pizza in Estherville

Nektar

Arnolds Park

Nectar is a fun, seasonal coffee shop, serving from a cute camper within walking distance to Arnolds Park Amusement Park! Nectar offers fresh-pressed juices, espresso drinks, REAL fruit smoothies, and baked treats - making Summer in Boji even better!

Nektar in Arnolds Park

Subscribe To Our Newsletter