Whether it's your first home or your next place, I'll educate you through the process. E-mail me at anniagarcia@hotmail.com .

What is Escrow?

 Delphi Investment Realty can walk you through closing - (786) 388-0110
First, a little about "escrow". An escrow agent is hired to assure your property closes on time and the closing process goes smoothly. A home is said to be in escrow when in the closing transaction, funds is secured by a third party on behalf of a buyer and a seller when the exchange of money takes place. PayPal is a good example of an escrow company.

The escrow holder makes sure that the terms and conditions of the agreement between the two parties are reached in preparation of the sale being finished.

Escrow companies compile the following forms:

  • Fire and other insurance policies
  • Title insurance policies
  • 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

Closing on the home takes place when all of the procedures of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. You'll then obtain the title to the home and the title insurance gets dispersed as outlined in the escrow instructions.

The escrow agent receives a payment at the completion of closing. As your real estate professional, I'll inform you of the acceptable way of paying.

The Escrow Holder Will:

  • Prepare escrow instructions
  • Perform a title inquiry
  • Meet lender's guidelines as outlined in the escrow agreement
  • Intake funds from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse funds and finish instructions

The Escrow Holder Won't:

  • Advise you - the escrow agent stays at an impartial, third-party status
  • Offer opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow guidelines
  • Petition title inquiry
  • Meet lender's guidelines as specified in the escrow agreement
  • Accept funds from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are met
  • Disburse funds and finish instructions
  • Advise you - the escrow agent must stay at a fair, third-party status
  • Give insight about tax implications

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 better informed home buyer and future homeowner.


Delphi Investment Realty

6303 Blue Lagoon Drive Suite 400
Miami, FL 33126