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.
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St. Albin's Episcopal Church
St Alban’s Episcopal Church
23rd St & Zenith Ave
Spirit Lake, IA 51360
Services
Sunday at 10 a.m.
Tuesday at 9 a. m. (Holy Eucharist-no music)
El Parian Mexican Grill
Stop in El Parian for some of the best Mexican cuisine and margaritas. On Wednesdays lime margaritas are only $.99! El Parian offers a wide variety of authentic Mexican food for lunch and dinner. You will not leave hungry by any means!
Lisa's Bakery
New to Spirit Lake is Lisa's Bakery. We have heard wonderful reviews of her caramel and cinnamon rolls and has a variety of other bakery goods. Set up for convenience, Lisa’s Bakery also offers a variety of take and bake meals for the busy working family or a nice break for the stay at home mom who wants a healthy satisfying meal for her family without having to be in the kitchen for hours. This place is all about convenience with a new fun twist on getting home cooked meals from Lisa's table to yours.
