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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Janie Eick
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Spirit Lake United Methodist Church
Spirit Lake United Methodist Church
1812 Gary Ave
Spirit Lake, IA 51360
Services
Sunday at 8:30 a.m. (Traditional)
Sunday at 10:30 a.m. (Contemporary)
Memorial Park Spirit Lake
Memorial Park
300 Lake Street
Spirit Lake, IA 51360
Located on a huge property, this park was renovated in 2012 adding new playground equipment with areas designated for young kids and areas for older kids all wrapped around a Splash Pad that the kids just love.
2 shelters, including the Clayton Seeman Memorial Shelter house. Also, access to bike trails, walking paths and around 1,500 feet of East Lake Okoboji shoreline, 2 docks, 2 handicap-accessible piers and more.
Tom's Plumbing & Heating
Located in the heart of the Iowa Great Lakes Area, Tom's Plumbing and Heating has been offering you local Plumbing/ HVAC services for MANY years.
Call Tom's Plumbing for your Plumbing / HVAC needs, whether you are doing new construction, a current homeowner needing service, a business owner or whatever your needs may be.
The Ritzer family has owned and operated Tom's Plumbing for MANY years and provide great experience and knowledge of the industry.
Located at
172 Hwy 71 N
Arnolds Park, IA 51331
or call them at 712-332-2426
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