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How Escrow Works

Completing the Transaction

 Niki Higgins can walk you through closing - 405-919-1098

Let's talk about "escrow". An escrow agent is hired to assure your place closes on time and the transaction goes smoothly. A home is said to be in escrow when in the closing transaction, payment is secured by a third party on behalf of a buyer and a seller when the exchange of money takes place. An everyday way to think of what an escrow company does is to think of the use of PayPal for Internet purchases.

The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are performed in preparation of the sale being completed.

The certificates the escrow agent may secure include:

Closing on the house happens when all of the procedures of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. The house's title gets transferred to you and title insurance is issued per the policies of your individual escrow agreement.

The escrow holder receives a payment when the closing is complete. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

  • Write escrow instructions
  • Perform a title inquiry
  • Meet lender's standards as outlined in the escrow agreement
  • Accept payments from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • Record deeds and other legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are met
  • Disburse monies and finish instructions
 

The Escrow Holder Will Not:

  • Tell you what's best - the escrow holder stays a neutral, third-party status
  • Give insight about the outcome of your taxes

The Escrow Holder Will:

  • Assemble escrow instructions
  • Perform a title search
  • Meet lender's guidelines as written in the escrow agreement
  • Accept funds from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse funds and finish instructions
 

The Escrow Holder Won't:

  • Give advice - the escrow company must maintain a neutral, third-party status
  • Dispense opinions about future tax estimations

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

Once you have the ABCs of the escrow process down, you can be a confident buyer.

What Others Are Saying

Niki is very helpful and knowledgeable realtor. She helped me find the house that I was looking for. She is good at negotiating for the purchase of a property. She is a very personable and I recommend her very highly. Sherry M.
Niki is a very warm and personable person on top of being an awesome professional. She helped us find the home and location of our dreams and extremely quickly sell our existing home. She guided us through the processes with ease. Her nature, experience and customer service are quintessential to the field! We highly recommend Niki to helping you buy or sell your home. Thank you Niki; we are ever so grateful!! Jeff
Niki is an absolute joy to work with. Two years ago she sold our Edmond home in two weeks and got us just what we wanted for it, and now we have just purchased a new home that she helped us find. Niki is thoughtful, patient, honest, and knows real estate! Her referrals for a mortgage lender, home appraisal, and even professional packers were awesome. Niki is a seasoned Realtor with too many attributes to list- suffice to say, if you need a Realtor she is your gal. Mikala Price
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Niki Higgins
Real Estate Broker | Lifestyle Realty 
Oklahoma City, OK 73162
405-919-1098
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