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  • Loan documents
  • 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
  • The process of buying a home for the first time can be intimidating. I can help. Contact me and I'll make sure you're a well-informed buyer.

    What is Escrow?

     Tom Rizen can walk you through closing - 480-844-0600
    Escrow: To close the sale of a house, a neutral, third party (the escrow company) is employed to assure the process will close properly and on time. A place is said to be in escrow when in the closing transaction, money is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the exchange of money takes place. For example, in a Web transaction, PayPal is the reliable third party that holds the buyer's money, and then disburses the funds to the seller.


    The escrow agent insures that all terms and conditions of the seller's and buyer's negotiated agreement are met prior to the sale being finished. This includes receiving funds and paperwork, filling out required forms, and obtaining the release documents for any loans or liens that have been paid with the transaction, assuring you have a clear title to your home before the final price is fully paid.

    Escrow agents collect the following forms:

    Closing on the property happens when the steps of the escrow are finished. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. You'll then receive the title to the house and the title insurance gets issued as noted in the escrow instructions.

    The escrow holder gets a payment when the closing is complete. I'll keep you up-to-date on what comes next.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Petition title research
    • Meet the bank's standards as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow agent stays a neutral, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Request title inquiry
    • Meet lender's requirements as noted in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse payments and finalize instructions
    • Tell you what's best - the escrow holder must maintain a neutral, third-party status
    • Give insight about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to pay rolling fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    Now you know more about being in escrow. And, you can be a smarter home buyer and future homeowner.

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