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:
• 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
share
Local Expert Updates
Aaron Jones
Cell: 712.336.4967
Greg Sheeler
Cell: 712.330.1573
Janie Eick
Cell: 712.339.0574Community Updates
Boji Tan
Boji Tan is a great tanning salon located in Spirit Lake. They offer different types of beds that are four different levels. This local business is very clean and the staff is always friendly and provides you with great service. At Boji Tan they don't only offer tanning but you are able to purchase AdvoCare products also. If you are going on a trip and want to get a base tan before you leave or if you just want to warm up on those cold summer days make sure to stop at Boji Tan!
West O Beer
If you haven't been to West O, you need to go. With their state of the art brewery, and access to some of the best water in the world, their beer is nothing short of amazing. Their tasting room has a cool, industrial feel, and perfect for tasting their many types of beers. CocO Stout has been an award winning beer for years, and definitely worth a try! West O has been voted "Best Iowa Beer" by the Des Moines Register readers in 2016.
Miracle Truss Buildings
Miracle Truss Buildings may be new to area but the company name has been around for decades. This company provides do-it-yourself building kits with clear-span web steel trusses that are made right here in the USA. It is also veteran owned. You can customize kits for garages, homes, shops, RV and marine, commercial, agricultural, cabins, hangars--anything you can imagine! Call 800-208-1969 for an appointment at their design center located at 1703 Hill Ave in Spirit Lake, or visit their website at miracletruss.com to read all about them. The knowledgeable staff is ready to help you with your next project. Free quotes, too!