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San Antonio Real Estate Market Update: Housing prices are up, mortgage rates are down, and doctors are making housecalls; volunteer opportunities for you and Fido.
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Showing your house: You don’t have to spend a fortune to make your house look like a model home. Visiting the dollar store or other cut-rate housewares retailer will probably do the trick! Choose colors that accent your sofa and drapes. Put a small blanket throw over the back of the couch to hide a stain, and add a throw pillow to make it inviting.
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Each of our ABCs is designed for one reason: To minimize the time you spend trudging through homes for sale while you maximize the benefit you get from the exercise. Together, the ABCs will keep you focused and efficient during the hunt.
4220
Halloween in a Covid world, free workforce training for in-demand skills, volunteering opportunities to…
4627
Curb appeal – the first impression you will make with buyers – should be at the top of your priority list. Getting it right may make or break your ability to sell quickly, for a fair price.
4629
In part 2 of our series, we will discuss cleaning and repairs that should be done throughout the inside of the house. Next week, we will wrap up the series with a room-by-room finale.
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In part 3 of the series, we will talk about the unique needs of each type of room in your house. When you have finished reading all three articles, you should be able to put together a thorough checklist, identify a realistic cost and time for completion of each item, and be ready to execute the plan.
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Let’s take a walkthrough of real estate escrow from start to finish. There are 8 major steps in the escrow process, and – before you get into a real estate transaction – it is important to understand how these milestones fit together.
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Real estate escrow sounds complicated because there are a lot of terms that are thrown at you during the process. What we need is to break down the most important concepts to short definitions so the process starts to make sense.
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[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” z_index=”” css=”.vc_custom_1597792603983{padding-top: 15px !important;padding-bottom: 15px !important;background-color: #000000 !important;}”][vc_column][vc_single_image image=”3243″ img_size=”full” alignment=”center” qode_css_animation=””][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595959780977{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}” z_index=””][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” z_index=”” css=”.vc_custom_1597793074514{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}”][vc_column width=”3/4″ css=”.vc_custom_1598470472361{background-color: #f1c232 !important;}”][vc_empty_space height=”20″][vc_column_text]The Eight-Step
Escrow Process
[/vc_column_text][vc_empty_space height=”20″][vc_column_text]
The real estate escrow process can be intimidating. Unless you’re a real estate veteran, escrow can be a dark, mysterious place. Time to pull back the curtain and get comfortable with it.
Let’s take a quick walkthrough from start to finish. There are 8 major steps in the escrow process, and – before you get into a real estate transaction – it is important to understand how these milestones fit together.
[/vc_column_text][vc_empty_space height=”20″][vc_empty_space height=”20″][/vc_column][vc_column width=”1/4″ css=”.vc_custom_1597793033065{background-color: #000000 !important;}”][vc_single_image image=”3247″ img_size=”large” alignment=”right” qode_css_animation=””][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595959780977{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}” z_index=””][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595966594909{padding-top: 15px !important;padding-right: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column width=”1/4″ css=”.vc_custom_1595966719940{background: #ffffff url(https://secureservercdn.net/198.12.145.239/q6v.49e.myftpupload.com/wp-content/uploads/2020/06/BACKGROUND-Gray-1.jpg?id=1158) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_single_image img_size=”full” alignment=”center” qode_css_animation=””][/vc_column][vc_column width=”3/4″ css=”.vc_custom_1595966759572{background-color: #ffffff !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column_text]What is
Escrow?
[/vc_column_text][vc_empty_space height=”20″][vc_column_text]Seems so complicated
definition
legal requirements[/vc_column_text][vc_empty_space height=”20″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595959780977{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}” z_index=””][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1597525950293{padding-top: 15px !important;padding-right: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column width=”2/3″ css=”.vc_custom_1597525297883{background-color: #f1c232 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column_text]
What is a
Title Company?
[/vc_column_text][vc_empty_space height=”20″][vc_column_text]blah blah blah[/vc_column_text][vc_empty_space height=”10″][/vc_column][vc_column width=”1/3″ css=”.vc_custom_1597525705725{background-color: #f1c232 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_single_image img_size=”full” alignment=”right” qode_css_animation=””][vc_empty_space height=”10″][vc_empty_space height=”3″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1597526774195{padding-right: 16px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column css=”.vc_custom_1597525297883{background-color: #f1c232 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column_text]
WOT part 2
[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595959780977{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}” z_index=””][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595966594909{padding-top: 15px !important;padding-right: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column width=”1/4″ css=”.vc_custom_1597527526794{background-color: #f1c232 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_single_image img_size=”full” alignment=”center” qode_css_animation=””][/vc_column][vc_column width=”3/4″ css=”.vc_custom_1595966759572{background-color: #ffffff !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column_text]What is an
Escrow Agent?
[/vc_column_text][vc_empty_space height=”20″][vc_column_text]Duties
Qualifications[/vc_column_text][vc_empty_space height=”20″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595959780977{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}” z_index=””][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595981018421{padding-top: 15px !important;padding-right: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column width=”3/4″ css=”.vc_custom_1595966759572{background-color: #ffffff !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column_text]
What Role Does
Your Realtor® Play?
[/vc_column_text][vc_empty_space height=”20″][vc_column_text]
Facilitates the transfer of funds between you and the other party
Advises you meeting deadlines so you don’t forfeit escrow money
Helps you iron out hiccups in the process
Is very knowledgeable about the process and your remedies, because he is Andrew Barlow, Real Estate Superhero
[/vc_column_text][vc_empty_space height=”20″][/vc_column][vc_column width=”1/4″ css=”.vc_custom_1595966719940{background: #ffffff url(https://secureservercdn.net/198.12.145.239/q6v.49e.myftpupload.com/wp-content/uploads/2020/06/BACKGROUND-Gray-1.jpg?id=1158) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_single_image image=”2221″ img_size=”full” alignment=”center” qode_css_animation=””][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595107466545{background-color: #000000 !important;}” z_index=””][vc_column][vc_empty_space height=”30″][blockquote text=”Your Realtor® can help you to navigate through purchase negotiations and the escrow closing process.” show_quote_icon=”yes” text_color=”#f1c232″ border_color=”#f1c232″ quote_icon_color=”#f1c232″][vc_empty_space height=”30″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595980984781{padding-right: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column width=”1/4″ css=”.vc_custom_1595966719940{background: #ffffff url(https://secureservercdn.net/198.12.145.239/q6v.49e.myftpupload.com/wp-content/uploads/2020/06/BACKGROUND-Gray-1.jpg?id=1158) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_single_image img_size=”full” alignment=”center” qode_css_animation=””][/vc_column][vc_column width=”3/4″ css=”.vc_custom_1595966759572{background-color: #ffffff !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column_text]
WOT part 2
[/vc_column_text][vc_empty_space height=”20″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595959780977{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}” z_index=””][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595966594909{padding-top: 15px !important;padding-right: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column width=”3/4″ css=”.vc_custom_1595966759572{background-color: #ffffff !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column_text]How Does the
Escrow Process Work?
[/vc_column_text][vc_empty_space height=”20″][vc_column_text]
When Does Money Go Into an Escrow Account?
Who owns the account?
Who holds the money?
[/vc_column_text][vc_empty_space height=”20″][/vc_column][vc_column width=”1/4″ css=”.vc_custom_1595966719940{background: #ffffff url(https://secureservercdn.net/198.12.145.239/q6v.49e.myftpupload.com/wp-content/uploads/2020/06/BACKGROUND-Gray-1.jpg?id=1158) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_single_image img_size=”full” alignment=”center” qode_css_animation=””][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595959780977{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}” z_index=””][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595966594909{padding-top: 15px !important;padding-right: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column width=”1/4″ css=”.vc_custom_1597527526794{background-color: #f1c232 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_single_image img_size=”full” alignment=”center” qode_css_animation=””][/vc_column][vc_column width=”3/4″ css=”.vc_custom_1595966759572{background-color: #ffffff !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column_text]
Do I Have to Have
An Escrow Account?
[/vc_column_text][vc_empty_space height=”20″][vc_column_text]
State and federal laws
Protection for the Buyer
Protection for the Seller
Protection for the Lender
[/vc_column_text][vc_empty_space height=”20″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595959780977{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}” z_index=””][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595966594909{padding-top: 15px !important;padding-right: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column width=”3/4″ css=”.vc_custom_1595966759572{background-color: #ffffff !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column_text]
How Does An
Escrow Account Work?
[/vc_column_text][vc_empty_space height=”20″][vc_column_text]
When Does Money Go Into an Escrow Account?
Who owns the account?
Who holds the money?
[/vc_column_text][vc_empty_space height=”20″][/vc_column][vc_column width=”1/4″ css=”.vc_custom_1595966719940{background: #ffffff url(https://secureservercdn.net/198.12.145.239/q6v.49e.myftpupload.com/wp-content/uploads/2020/06/BACKGROUND-Gray-1.jpg?id=1158) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_single_image img_size=”full” alignment=”center” qode_css_animation=””][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595959780977{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}” z_index=””][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595966594909{padding-top: 15px !important;padding-right: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column width=”1/4″ css=”.vc_custom_1597527526794{background-color: #f1c232 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_single_image img_size=”full” alignment=”center” qode_css_animation=””][/vc_column][vc_column width=”3/4″ css=”.vc_custom_1595966759572{background-color: #ffffff !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column_text]
What If the Real Estate
Deal Falls Through?
[/vc_column_text][vc_empty_space height=”20″][vc_column_text]
Escrow Money Returned to You
Escrow Money You Can’t Get Back
[/vc_column_text][vc_empty_space height=”20″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595959780977{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}” z_index=””][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595100294295{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column width=”1/2″][vc_empty_space height=”10″][vc_column_text]
The
Upshot
[/vc_column_text][vc_empty_space height=”10″][vc_column_text]
Armed with in-depth knowledge of the home before you buy gives you the confidence that it is a good investment. It also gives you a snapshot the maintenance status of the various systems in the house so you can stay on top of periodic assessments and repairs.
[/vc_column_text][vc_empty_space height=”30″][vc_column_text]Your realtor® should have experience with the inspection process and the leadership to get you through the negotiating process and on to the closing. That’s what I call…
[/vc_column_text][vc_single_image image=”1857″ img_size=”large” qode_css_animation=”” css=”.vc_custom_1595106932652{margin-left: -15px !important;}”][/vc_column][vc_column width=”1/2″][vc_single_image img_size=”large” alignment=”center” qode_css_animation=””][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” z_index=”” background_image=”1162″ css=”.vc_custom_1595013005004{padding-top: 15px !important;padding-right: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}”][vc_column width=”1/3″ css=”.vc_custom_1595012898338{background-color: #ffffff !important;}”][vc_empty_space height=”45″][vc_column_text]Let’s Get
Started!
[/vc_column_text][vc_empty_space height=”32″][vc_column_text]
Click below to get a feel for the current San Antonio real estate market, but keep in mind that searching for the perfect house is a big deal.
[/vc_column_text][vc_empty_space height=”15″][vc_column_text]Step up your game by having me monitor the Multiple Listing Service (MLS) for you, so you can react quickly when a great property becomes available.
[/vc_column_text][vc_empty_space height=”15″][vc_column_text]Reach out to me to challenge my commitment to be your mentor and partner every step of the way. See what it really means to have…
[/vc_column_text][vc_empty_space height=”32″][vc_single_image image=”1858″ img_size=”large” qode_css_animation=”” css=”.vc_custom_1595106773435{margin-left: -15px !important;}”][vc_empty_space height=”70″][qode_button_v2 target=”_blank” icon_pack=”linea_icons” linea_icon=”icon-basic-star” enable_icon_square=”yes” hover_effect=”icon_rotate” gradient=”no” text=”Search the San Antonio Real Estate Market” link=”https://andrewbarlowe.com/find-your-home/” color=”#f1c232″ background_color=”#000000″ icon_font_size=”14″ font_size=”14″ hover_color=”#000000″ hover_background_color=”#f1c232″][vc_empty_space height=”16″][/vc_column][vc_column width=”1/3″ css=”.vc_custom_1595012858992{background-color: #f1c232 !important;}”][vc_column_text]Call, text, or send a message – I’m happy to help!
[/vc_column_text][vc_empty_space height=”25″][contact-form-7 404 "Not Found"][/vc_column][vc_column width=”1/3″ css=”.vc_custom_1595012559917{margin-right: 15px !important;background-color: #000000 !important;}”][vc_single_image image=”589″ img_size=”large” alignment=”right” qode_css_animation=”” css=”.vc_custom_1595012632670{margin-top: 15px !important;}”][vc_empty_space height=”30″][vc_column_text]Andrew Barlowe
[/vc_column_text][vc_empty_space height=”10″][vc_column_text]2241 NW Military Hwy STE 302
San Antonio, TX 78213
210.420.8420
Sources
[/vc_column_text][vc_empty_space height=”16″][vc_column_text]Investopedia https://www.investopedia.com/ask/answers/052615/when-should-real-estate-broker-release-earnest-money-deposit-funds.asp#:~:text=Earnest%20money%20goes%20into%20an,during%20the%20actual%20sale%20proceedings
Investopedia https://www.investopedia.com/terms/e/escrow_agent.asp#:~:text=An%20escrow%20agent%20is%20a,or%20a%20disagreement%20is%20resolved.&text=The%20escrow%20agent%20has%20a,parties%20of%20the%20escrow%20agreement
Loftway.com https://loftway.com/what-does-an-escrow-agent-do/
QuickenLoans https://www.quickenloans.com/learn/what-does-a-title-insurance-company-do
Realtor.com https://www.realtor.com/advice/buy/understand-the-basics-of-escrow/
The Balance https://www.thebalance.com/four-types-of-escrow-accounts-keep-money-safe-4177307
Title One https://www.titleonecorp.com/BuyerSeller/whatisescrow.aspx
[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text][/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595959780977{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}” z_index=””][vc_column][vc_empty_space height=”200″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” z_index=”” css=”.vc_custom_1597792603983{padding-top: 15px !important;padding-bottom: 15px !important;background-color: #000000 !important;}”][vc_column][vc_single_image image=”2955″ img_size=”full” alignment=”center” qode_css_animation=””][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595959780977{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}” z_index=””][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” z_index=”” css=”.vc_custom_1597884886614{padding-right: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #f1c232 !important;}”][vc_column width=”2/3″ css=”.vc_custom_1597793496329{background-color: #f1c232 !important;}”][vc_empty_space height=”20″][vc_empty_space height=”20″][vc_column_text]
Introduction to the
Escrow Process
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Real estate escrow sounds complicated and – sure enough – there are a lot of terms that are thrown at you during the process. What we need is to break down the most important concepts to short definitions so the process starts to make sense.
[/vc_column_text][vc_empty_space height=”20″][/vc_column][vc_column width=”1/3″ css=”.vc_custom_1597884626505{background-color: #f1c232 !important;}”][vc_single_image image=”2959″ img_size=”medium” alignment=”right” qode_css_animation=””][vc_empty_space height=”20″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595959780977{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}” z_index=””][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1597968072642{padding-top: 15px !important;padding-right: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column width=”1/4″ css=”.vc_custom_1597960384258{background-color: #ffffff !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_single_image image=”2984″ img_size=”full” alignment=”center” qode_css_animation=””][vc_empty_space height=”4″][vc_empty_space height=”5″][/vc_column][vc_column width=”3/4″ css=”.vc_custom_1595966759572{background-color: #ffffff !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_empty_space height=”5″][vc_empty_space height=”5″][vc_empty_space height=”5″][vc_column_text]Is it a Contract, Offer,
or Purchase Agreement?
[/vc_column_text][vc_empty_space height=”20″][vc_empty_space height=”10″][vc_column_text el_id=”SusanB”]The contract guides the whole process, but it goes by many names.
When you see the house of your dreams and decide to buy it, your real estate agent will likely refer to it as the written offer.
When you look at the form, it might say Purchase Agreement or Purchase Contract, or it might even say Purchase Agreement & Escrow Instructions.[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1597968588595{margin-top: -2px !important;padding-right: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column css=”.vc_custom_1597968093373{margin-top: -1px !important;background-color: #ffffff !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column_text]All of these names refer to the same document. When you offer to buy property, your realtor uses a blank contract form and fills in all the required information about you – your name, current address, the amount of money you are willing to pay for the property, and the number of days you are willing to wait for the seller to decide if they will accept your offer. You will sign this document, but it is not officially a contract until the seller accepts your offer by also signing the document.
The contract contains escrow instructions so the escrow agent knows what you and the seller have agreed to. The word agreement is a nice way of saying contract, so all of these terms are ok to use because they all refer to the single document that becomes the contract.[/vc_column_text][vc_empty_space height=”9″][vc_empty_space height=”9″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595959780977{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}” z_index=””][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1597968191248{padding-top: 15px !important;padding-right: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column width=”2/3″ css=”.vc_custom_1597525297883{background-color: #f1c232 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column_text]
Earnest Money
& Deposit
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Earnest money is a deposit the buyer gives the seller to show they are serious about buying the property. It may be referred to as the earnest money or the deposit – they mean the same thing.
The buyer can give the earnest money in cash, but cash is not a good idea; with a check, the funds can be traced and the amount is undisputed. Earnest money can be submitted as a personal check, a certified check, or a cashier’s check.
When the seller receives the earnest money it is accompanied by the buyer’s written offer. There may be some negotiation back and forth on details such as the price, closing date, and other terms.
When the buyer and the seller agree on everything, the seller accepts the sale and signs the offer (making it a contract). The contract and the earnest money check go to the escrow agent – usually delivered by the seller’s real estate agent – to begin the escrow process.
[/vc_column_text][vc_empty_space height=”10″][vc_empty_space height=”10″][vc_empty_space height=”10″][vc_empty_space height=”6″][/vc_column][vc_column width=”1/3″ css=”.vc_custom_1597525705725{background-color: #f1c232 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_empty_space height=”2″][vc_empty_space height=”10″][vc_empty_space height=”10″][vc_empty_space height=”10″][vc_single_image image=”2985″ img_size=”full” alignment=”right” qode_css_animation=””][vc_empty_space height=”10″][vc_empty_space height=”10″][vc_empty_space height=”10″][vc_empty_space height=”10″][vc_empty_space height=”10″][vc_empty_space height=”10″][vc_empty_space height=”10″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595959780977{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}” z_index=””][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1597968798187{padding-top: 15px !important;padding-right: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column width=”1/3″ css=”.vc_custom_1597969657275{background-color: #ffffff !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_single_image image=”2989″ img_size=”full” alignment=”center” qode_css_animation=””][/vc_column][vc_column width=”2/3″ css=”.vc_custom_1595966759572{background-color: #ffffff !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_empty_space height=”20″][vc_empty_space height=”20″][vc_column_text]Escrow
Account
[/vc_column_text][vc_empty_space height=”20″][vc_empty_space height=”20″][vc_column_text]The escrow account is created for one, specific purpose – coordinating all of the moving parts of a real estate transaction according to one, specific contract. Every deal could be a little different, but here is the typical process the escrow agent follows for the purchase of property by a buyer who must take a mortgage loan from a bank or other lender.
The account is opened with the buyer’s earnest money, according to all of the instructions listed in the contract. The buyer has an option period during which they can change their mind, and once that period expires the deal goes forward.[/vc_column_text][vc_empty_space height=”3″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1597968588595{margin-top: -2px !important;padding-right: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column css=”.vc_custom_1597968093373{margin-top: -1px !important;background-color: #ffffff !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column_text]The lending institution – let’s call it the bank – takes the amount of the buyer’s loan and deposits it into the escrow account. The buyer and the seller both pay portions of the closing costs (detailed below).
When all of the money is in the escrow account, the escrow agent calculates who gets what – the purchase price goes to the seller, the lender fees go to the bank, and the title company costs go to the title company.
The escrow account is closed when this settlement of the funds has been completed, the buyer and seller agree with the settlement, and the money is transferred to the appropriate places.[/vc_column_text][vc_empty_space height=”9″][vc_empty_space height=”9″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595959780977{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}” z_index=””][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1597970104265{padding-top: 15px !important;padding-right: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column width=”3/4″ css=”.vc_custom_1597970114988{background-color: #f1c232 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column_text]
Contract
Contingencies
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In a real estate contract, contingency is a fancy word for each thing the buyer and seller require from each other. Most contingencies have to do with the condition of the property and the buyer’s right to walk away from the deal under certain circumstances.
We will go through more detail below, but let’s be clear: Everything either party expects must be specified in the contract, and the ways either party could back out of the deal must also be specified. Otherwise, both parties are committed to the deal.
[/vc_column_text][vc_empty_space height=”20″][/vc_column][vc_column width=”1/4″ css=”.vc_custom_1597970128638{background-color: #f1c232 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_single_image image=”2990″ img_size=”large” alignment=”right” qode_css_animation=””][vc_empty_space height=”3″][vc_empty_space height=”20″][vc_empty_space height=”10″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595107466545{background-color: #000000 !important;}” z_index=””][vc_column][vc_empty_space height=”30″][blockquote text=”Your Realtor® can help you to navigate through the purchase negotiations and the escrow closing process.” show_quote_icon=”yes” text_color=”#f1c232″ border_color=”#f1c232″ quote_icon_color=”#f1c232″][vc_empty_space height=”30″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1598032113716{margin-top: -2px !important;padding-right: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column css=”.vc_custom_1597970368595{background-color: #f1c232 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column_text]Contingencies are important because they show good faith that the buyer and the seller intend to seal the deal, but they also spell out the situations in which either party may withdraw from the deal without penalty.
The buyer’s real estate agent works closely with the seller’s agent during the contingency period. Both are committed to making sure all contingencies are resolved and requirements are met within the timeframe set out in the contract.
[/vc_column_text][vc_empty_space height=”20″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595959780977{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}” z_index=””][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1598039912546{padding-top: 15px !important;padding-right: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column width=”3/4″ css=”.vc_custom_1595966759572{background-color: #ffffff !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column_text]The Buyer’s
Option Period
[/vc_column_text][vc_empty_space height=”20″][vc_empty_space height=”20″][vc_column_text]One of the contract contingencies routinely added by the seller is an option period. It is called an option period because the buyer still has an option to walk away from the deal until the option period expires.
This is a great time for a buyer when they get to “kick the tires” and see if they really want to buy this house. For the seller, it is a nerve-wracking time when they are desperately hoping the buyer doesn’t find a reason to pull out of the agreement.[/vc_column_text][vc_empty_space height=”20″ css=”.vc_custom_1598040828200{margin-right: 15px !important;margin-left: 15px !important;}”][/vc_column][vc_column width=”1/4″ css=”.vc_custom_1598040772494{background-color: #ffffff !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_single_image image=”2991″ img_size=”full” alignment=”right” qode_css_animation=””][vc_empty_space height=”2″ css=”.vc_custom_1598040865457{margin-right: 15px !important;margin-left: 15px !important;}”][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1598039852494{margin-top: -2px !important;padding-right: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column css=”.vc_custom_1598041441814{margin-top: -10px !important;background-color: #ffffff !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column_text]During the option period, the buyer typically gets a property inspector (at the buyer’s expense) to verify that the condition of the house is roughly the same as the seller has led the buyer to believe. If there are potential issues beyond the general inspector’s scope, the buyer may get specialists to inspect areas such as the foundation, drainage, and swimming pools. If the home is older, a termite inspection will also probably be included.
If the buyer is borrowing the money from a bank or other mortgage lender, the bank will order an appraisal of the property during the option period. The appraiser takes a variety of factors into account in determining if the value of the property is at least as much as the amount the buyer is borrowing. If the buyer defaults on the loan, the bank becomes the owner of the property – and they want to be able to sell it so they can recover their loss.
If the house does not appraise as high as the loan amount, the deal could fall through unless the seller lowers the price so that the amount the buyer needs to borrow is not more than the appraisal says the house is worth. Likewise, the deal could fall through because of the findings in the buyer’s inspections.
If the inspections turn up problems, the buyer can either ask the seller to correct the problems or decide not to move forward with the purchase. Unless there is something truly catastrophic – like the building is full of black mold or was previously used as a meth lab – the buyer will likely request repairs from the seller.[/vc_column_text][vc_empty_space height=”20″ css=”.vc_custom_1598039549488{margin-right: 15px !important;margin-left: 15px !important;}”][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1598043225342{margin-top: -2px !important;background-color: #000000 !important;}” z_index=””][vc_column css=”.vc_custom_1598039727049{background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_single_image image=”3117″ img_size=”full” alignment=”center” qode_css_animation=”” css=”.vc_custom_1598040936726{margin-top: -40px !important;}”][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1598039598968{margin-top: -2px !important;padding-right: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column css=”.vc_custom_1598039750810{background-color: #ffffff !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column_text]Requests for the seller to make repairs must be submitted by the buyer before the option period expires. If they do not meet this deadline, they are essentially forfeiting their right to walk away from the deal and are fully locked into buying the property.[/vc_column_text][vc_empty_space height=”20″ css=”.vc_custom_1598039549488{margin-right: 15px !important;margin-left: 15px !important;}”][vc_empty_space height=”20″ css=”.vc_custom_1598039549488{margin-right: 15px !important;margin-left: 15px !important;}”][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595959780977{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}” z_index=””][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595966594909{padding-top: 15px !important;padding-right: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column width=”1/3″ css=”.vc_custom_1597527526794{background-color: #f1c232 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_single_image image=”2992″ img_size=”full” alignment=”center” qode_css_animation=””][vc_empty_space height=”20″][vc_single_image image=”2328″ img_size=”full” alignment=”center” qode_css_animation=””][vc_empty_space height=”20″][/vc_column][vc_column width=”2/3″ css=”.vc_custom_1595966759572{background-color: #ffffff !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_empty_space height=”20″][vc_column_text]
The Seller’s
Response
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Once the buyer’s option period expires it is the seller’s turn to drive the process by responding to the buyer’s requests for repairs. Usually, the buyer’s real estate agent will advise them to list more repairs than they really need, as a starting point for the negotiation.
The seller is not obligated to make any of the repairs requested, although refusing all repair requests would likely be a deal-breaker for the buyer. The seller is expected to make repairs that involve health and safety – such as a faulty roof or malfunctioning heating system – but is not expected to make cosmetic repairs.
This is where it gets tricky – the buyer may request replacement of the old, dingy wall-to-wall carpeting, and the seller may consider this to be cosmetic. However, if the seller has pets and the carpeting smells of animal urine, the buyer may consider it to be a health and safety issue.
In order for the deal to close, the two parties must meet in the middle and come to an agreement on what repairs should be made. Otherwise, either party could kill the deal by refusing to go forward unless the other party makes concessions.
Once both parties have agreed on the repairs to be made, the seller has a limited time period to complete each repair on the list. For some items, such as the replacement of carpeting or miniblinds, the buyer will accept a sum of money – an allowance – at closing to cover the repairs so they can have the work done the way they want it after they take possession of the house.
When the seller has addressed each item on the buyer’s list – by either completing the repair or adding an allowance to the contract – the buyer can inspect the repairs and approve of the work. At this point, both parties are locked into the contract and the sale goes forward.[/vc_column_text][vc_empty_space height=”20″][vc_empty_space height=”25″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595959780977{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}” z_index=””][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595966594909{padding-top: 15px !important;padding-right: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column width=”3/4″ css=”.vc_custom_1598032418785{background-color: #f1c232 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column_text]
Mortgage
Lender
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The term lender is very general. It refers to the source of the mortgage loan needed by the buyer in a real estate deal. Most banks are lenders, as are credit unions. Some lenders are online only and don’t provide traditional banking services – just mortgage loans.
Then there are a lot of sub-categories of lenders, such as correspondent lenders, direct lenders, portfolio lenders… on and on. The main thing to know is that lenders may differ slightly from each other in terms of interest rate, requirements to qualify for the loan, repayment terms, and more.
It pays to shop around before you commit to a lender, and – even better – it pays to shop around, select your lender, and get a letter of credit from them before you get serious about house-hunting.[/vc_column_text][vc_empty_space height=”20″][/vc_column][vc_column width=”1/4″ css=”.vc_custom_1598032394928{background-color: #f1c232 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_empty_space height=”20″][vc_empty_space height=”20″][vc_single_image image=”3094″ img_size=”full” alignment=”center” qode_css_animation=””][vc_empty_space height=”20″][vc_empty_space height=”20″][vc_empty_space height=”10″][vc_empty_space height=”14″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595959780977{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}” z_index=””][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595966594909{padding-top: 15px !important;padding-right: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column width=”1/3″ css=”.vc_custom_1597527526794{background-color: #f1c232 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_single_image image=”2987″ img_size=”full” alignment=”center” qode_css_animation=””][vc_empty_space height=”20″][vc_empty_space height=”20″][/vc_column][vc_column width=”2/3″ css=”.vc_custom_1595966759572{background-color: #ffffff !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column_text]
Closing
Costs
[/vc_column_text][vc_empty_space height=”10″][vc_empty_space height=”20″][vc_column_text]There are basically two categories of closing costs: those required for the buyer from the lender they are getting their mortgage loan from, and the miscellaneous costs incurred by third parties in the process of completing the transaction.
Lender fees are paid only by the buyer, while third-party fees may be paid entirely by the seller or shared between buyer and seller. The responsibility for third-party fees is usually spelled out by the buyer when they make the written offer to purchase, and negotiated with the seller.
Third-party fees include such things as the cost of the escrow agent’s time and the title company’s services – down to courier fees, notary public fees, and other practical aspects of getting the deal done.[/vc_column_text][vc_empty_space height=”6″][vc_empty_space height=”20″][vc_empty_space height=”20″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595959780977{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}” z_index=””][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1598047933189{padding-top: 15px !important;padding-bottom: 20px !important;padding-left: 15px !important;background-color: #f1c232 !important;}” z_index=””][vc_column width=”3/4″ css=”.vc_custom_1598047892711{margin-top: 35px !important;background-color: #ffffff !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column_text]
Lender Funding
of Escrow
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This is the most exciting milestone in the whole transaction – the moment when the buyer’s bank actually deposits the loan money in the escrow account! Both buyer and seller breathe a sigh of relief, their real estate agents start chilling down the champagne, and the escrow agent and title company see their hard work pay off.[/vc_column_text][vc_empty_space height=”20″][vc_empty_space height=”10″][vc_empty_space height=”3″][/vc_column][vc_column width=”1/4″ css=”.vc_custom_1598032666483{background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_single_image image=”2994″ img_size=”full” alignment=”right” qode_css_animation=””][vc_empty_space height=”20″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595959780977{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}” z_index=””][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1598032707774{padding-top: 15px !important;padding-right: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column width=”2/3″ css=”.vc_custom_1597525297883{background-color: #f1c232 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column_text]
HUD Settlement &
Escrow Closing
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The escrow account is closed when the deal is completed, and all of the money in the account is paid out according to the contract. The seller is paid in full and the buyer gets the keys and takes possession. This is what most people refer to as the escrow closing, or simply as the closing.
All of the details of the closing are contained in a US Government form, typically called the HUD Settlement. This form is officially called the HUD-1 form and comes from the Department of Housing & Urban Development (HUD).
The HUD settlement shows that the amount of the money that has been deposited to the escrow account is exactly the same – to the penny – as the total amount paid out (distributed) to all of the appropriate parties.
[/vc_column_text][vc_empty_space height=”10″][vc_empty_space height=”10″][vc_empty_space height=”10″][/vc_column][vc_column width=”1/3″ css=”.vc_custom_1597525705725{background-color: #f1c232 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_single_image image=”2997″ img_size=”full” alignment=”right” qode_css_animation=””][vc_empty_space height=”10″][vc_empty_space height=”3″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595959780977{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;}” z_index=””][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1595100294295{padding-top: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}” z_index=””][vc_column width=”2/3″][vc_empty_space height=”10″][vc_column_text]The
Upshot
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Armed with a good understanding of the jargon – along with the advice and guidance of your realtor® – you can move through the escrow process with confidence. A little bit of knowledge can head off surprises at escrow closing.
[/vc_column_text][vc_empty_space height=”30″][vc_column_text]Your realtor® should have experience with the inspection process and the leadership to get you through the negotiating process and on to the closing. That’s what I call…
[/vc_column_text][vc_single_image image=”1857″ img_size=”medium” qode_css_animation=””][/vc_column][vc_column width=”1/3″][vc_single_image image=”3000″ img_size=”large” alignment=”right” qode_css_animation=””][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” z_index=”” css=”.vc_custom_1597956116591{padding-top: 15px !important;padding-right: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #000000 !important;}”][vc_column width=”1/3″ css=”.vc_custom_1595012898338{background-color: #ffffff !important;}”][vc_empty_space height=”45″][vc_column_text]Let’s Get
Started!
[/vc_column_text][vc_empty_space height=”32″][vc_column_text]
Click below to get a feel for the current San Antonio real estate market, but keep in mind that searching for the perfect house is a big deal.
[/vc_column_text][vc_empty_space height=”15″][vc_column_text]Step up your game by having me monitor the Multiple Listing Service (MLS) for you, so you can react quickly when a great property becomes available.
[/vc_column_text][vc_empty_space height=”15″][vc_column_text]Reach out to me to challenge my commitment to be your mentor and partner every step of the way. See what it really means to have…
[/vc_column_text][vc_empty_space height=”32″][vc_single_image image=”1858″ img_size=”large” qode_css_animation=”” css=”.vc_custom_1595106773435{margin-left: -15px !important;}”][vc_empty_space height=”70″][qode_button_v2 target=”_blank” icon_pack=”linea_icons” linea_icon=”icon-basic-star” enable_icon_square=”yes” hover_effect=”icon_rotate” gradient=”no” text=”Search the San Antonio Real Estate Market” link=”https://andrewbarlowe.com/find-your-home/” color=”#f1c232″ background_color=”#000000″ icon_font_size=”14″ font_size=”14″ hover_color=”#000000″ hover_background_color=”#f1c232″][vc_empty_space height=”16″][/vc_column][vc_column width=”1/3″ css=”.vc_custom_1595012858992{background-color: #f1c232 !important;}”][vc_column_text]Call, text, or send a message – I’m happy to help!
[/vc_column_text][vc_empty_space height=”25″][contact-form-7 404 "Not Found"][/vc_column][vc_column width=”1/3″ css=”.vc_custom_1595012559917{margin-right: 15px !important;background-color: #000000 !important;}”][vc_single_image image=”589″ img_size=”large” alignment=”right” qode_css_animation=”” css=”.vc_custom_1595012632670{margin-top: 15px !important;}”][vc_empty_space height=”30″][vc_column_text]Andrew Barlowe
[/vc_column_text][vc_empty_space height=”10″][vc_column_text]2241 NW Military Hwy STE 302
San Antonio, TX 78213
210.420.8420
Sources & Links
[/vc_column_text][vc_empty_space height=”15″][vc_column_text]Housing & Urban Development https://www.hud.gov/sites/documents/1.PDFInvestopediahttps://www.investopedia.com/ask/answers/
Investopedia https://www.investopedia.com/terms/
Loftway.com https://loftway.com/what-does-an-escrow-agent-do/
Realtor.com https://www.realtor.com/advice/buy/understand-the-basics-of-escrow/
The Balancehttps://www.thebalance.com/four-types-of-escrow-accounts-keep-money-safe-4177307
Title One https://www.titleonecorp.com/BuyerSeller/whatisescrow.aspx[/vc_column_text][vc_empty_space height=”15″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_empty_space height=”50″][/vc_column][/vc_row]
