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.
Get In Touch
share
Local Expert Updates
Greg Sheeler
Cell: 712.330.1573
Alex Parker
Cell: 998.765.4312
Janie Eick
Cell: 712.339.0574Community Updates
Nautical Bar & Grill
This Bar/Restaurant has an amazing selection of beers on tap and bottled to suit any beer drinkers needs. Nautical serves lunch & dinner and be sure to try the wings, which are made with homemade sauces and cooked to a crisp perfection. A great atmosphere in the heart of Arnolds Park.
H-LP State Football Runner-Ups 2016
A big Congrats to the Harris Lake Park football team on a fantastic historical season. The wolves dominated the competition all year long, punching their ticket to the UNI Dome for the 8 Man Football Playoffs. In the Semi-Final game the Wolves were able to continue the undefeated streak and beat Fremont Mills 35 to 21, giving them the opportunity to compete for the 8 Man Football State Championship. The Wolves battled hard against Don Bosco, Gilbertville, but unfortunately came up a little short and lost a hard fought game 21-48. Awesome Job on a GREAT season Wolves, it was very fun to see how much the community came together to support you guys. CONGRATS!
Buyer and seller real estate app, right at your fingertips.
Browse real-time MLS listings in the Iowa Great Lakes Region
Filter for specific areas and amenities
Be notified when there is a new MLS listing match, status change, or price drop
Stay in touch with your agent
Save searches and favorites
Agents, Buyers, Lenders and Appraisers can view your transactions
View, download and sign documents
Every 30 seconds, a RE/MAX agent helps someone find their perfect place. Let us help you find yours.
1. Search "SellBoji" in your app store on your cell phone.
2. Download the app
3. Create a profile to access info or save searches (This is not necessary to browse the listings)
4. Enjoy all the benefits of the real estate app