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Helping You Through Closing-Escrow-What's that? 

 Church Hill Brown can walk you through closing - 405-818-3808
Let's talk about "escrow". To finish the sale of a property, a neutral, third party (the escrow agent) is brought into the picture to assure the process will close perfectly and on time. A home is said to be in escrow when in the closing transaction, money is held by a third party on behalf of a buyer and a seller when the exchange of money takes place.


The escrow company makes sure that all terms and conditions of the seller's and buyer's contract are met prior to the sale being finished. This includes receiving payments and certificates, completing required forms, and getting the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a clean title to your home before the final price is fully paid.

These are the legal forms that escrow companies usually compile:

  • Tax statements
  • 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

Upon finishing of all instructions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. You'll then get the title to the home and the title insurance gets dispersed as stated in the escrow instructions.

The escrow agent gets a payment when the closing is complete. As your real estate agent, I'll inform you of the acceptable way of paying.

The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Petition title inquiry
  • Meet the bank's guidelines as noted in the escrow agreement
  • Accept payments from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse monies and finish instructions
  • Give advice - the escrow holder must maintain a neutral, third-party status
  • Dispense opinions about the outcome of your taxes

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

This is a simple outline of the escrow process. Your individual plan could be slightly different depending on your bank and your escrow holder.

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