How Escrow Works - Faithe Real Estate

An escrow holder is used to assure your property closes on time and the closing process goes smoothly. When money is held by a third party in a transaction between a buyer and a seller, it’s in escrow. An easy way to understand what an escrow company does is to think of how you might use PayPal for Internet purchases.

The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are performed prior to the sale being finalized.

These are the records that escrow companies usually compile:

  • 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

You’re ready to close when each step of the done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The property’s title gets handed over to you and title insurance begins per the steps of your particular escrow agreement.

When closing is completed, you’ll submit a payment to the escrow company. As your REALTOR®, I will let you know what is an acceptable form of payment.

The Escrow Holder Will:
The Escrow Holder Won’t:
  • Prepare escrow guidelines
  • Perform a title research
  • Comply with the bank’s guidelines as outlined in the escrow agreement
  • Accept payments from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse payments and finalize instructions
  • Advise you – the escrow holder must maintain a neutral, third-party status
  • Give insight about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is started to pay recurring fees while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

This is a simple outline of the escrow process. Your particular plan might be slightly different based on your lender and your escrow company.

Questions? I am standing by ready to answer any questions you may have. Feel free to use the contact form below.

Amazing Client Experiences

Happy clients, long-lasting relationships, and a memorable experience are the hallmark of our service. 

EXCELLENT
66 reviews on
crow100bh
May 1, 2021.
Verified
Robbie was amazing. He was able to get us the best sale price possible, and he was very responsive whenever we had questions or concerns during the process. I was also worried that selling would be a big headache, but Robbie and his crew made it super easy for us. We couldn’t be happier!
Read more
zarafanm
April 28, 2021.
Verified
Robbie and his team were efficient, easy to work with, and responsive to our needs. They presented options and guided us through the process with good advice and insights. Jamie followed up on all the details and made sure everything was on track. Very professional and enjoyable.
Read more
Sarah Putnam
April 28, 2021.
Verified
Robbie and his team are incredibly knowledgeable and made buying a home easy. He was always quick to respond and efficient. I would highly recommend working with Robbie!
Read more
ellenparke
April 23, 2021.
Verified
Robbie and his team are very efficient, responsive and knowledgeable. Robbie has exceptional negotiating skills, and finds innovative solutions. I enjoyed my home purchase experience immensely. Thank you!
Read more
josiah082809
April 6, 2021.
Verified
This is the second house Robbie has helped us sell! He is very knowledgeable and professional! Genevieve also helped us a ton with buying our new home! We are so thankful for both of them and what they have done to help our family over the past two years! Thanks Robbie and Genevieve!
Read more
vpacala1960
April 5, 2021.
Verified
Robbie exceeded our expectations; he was knowledgeable of the market trends in our area. He realized the square footage of our home in the prior appraisals was lower than the real area and that enabled us to get a better price for the home. We would highly recommend Robbie to anybody interested in selling or purchase a home.
Read more
rsedillo33 ds
April 1, 2021.
Verified
5 Stars! He’s there for YOU from beginning to end and always responded promptly! Setting aside the business side of things, he’s a good person and good show of character!
Read more
forallie
April 1, 2021.
Verified
Robbie was such a pleasure to have as my realtor. He is always patient, kind, and helpful. I'm a first-time home-buyer, so there were a lot of things I needed to learn about and a lot of complicated documents to slog through. Robbie and his team guided me smoothly through the whole process. Robbie has a lot of experience in the Albuquerque real estate market and was able to give me good advice. He always responds to calls, texts, and emails right away, never keeps you waiting. Everyone on his team, from the people in his office to his fantastic loan officer to all the inspectors he lined up for me -- they were all top-notch, professional, and really pleasant to work with.
Read more
John Goen
February 28, 2021.
Verified
Robbie Faithe and Jamie Cline were instrumental in our efforts to find and purchase our first home. Robbie helped strongly negotiate our position in a market that is frankly predatory and outright hostile to homebuyers, especially first-timers with little experience. He helped us move to a swift close while making sure everything was conducted soundly, promptly and with our interests at the forefront. He was supportive of us through the entire process, even after our first negotiations fell through, and was adamant about finding a house that we would truly want, not just the first home that met our loose criteria. Jamie Cline was vital in her role to assist us with booking appointments as well as keeping us apprised of all deadlines and offering advice when we desired. Overall, though this first-time homebuying experience was very stressful at times, Robbie and his team made sure there were as few impediments to the process as possible while making sure we were taken care of. I would definitely recommend their homebuying services and expertise.
Read more

Let's Connect

We're social! Connect with Faithe Real Estate Group on all the popular social media channels.

Newsletter Sign Up

Sign up to receive periodic updates from Faithe Real Estate Group including local event info, real estate tips, and fun contests and giveaways!

Please enter a valid email address.
Something went wrong. Please check your entries and try again.
Scroll to Top