How Do you Close an Escrow

An escrow is like a third person holding your money who is a neutral party and waits until both sides come to an agreement to purchase something and for how much. It is most commonly used for large purchases such as a house. It is usually involved in real estate because it is a large sum of money. When home buying, a lot of people get their credit checked so they can get a lower interest rate. Make sure to check your own free credit reports scores so you know how you stack up.

When an escrow is opened, a buyer and seller need to reach the same terms and agree on the buyer buying a home from the seller. A neutral party called the escrow holder makes sure that the terms, conditions, and escrow are in their hands. Think of the escrow holder as someone who holds all the information and money and makes sure that both the buyer and seller really go through with what was agreed upon. We will get to the escrow closing in a minute.

If you are a home buyer or in the process of buying, it’s imperative to get a free credit score and credit report online before you dive any deeper. With the close of an escrow, the climax of the transaction is about to take place.

This is the legal step when the title of the house is transferred from the seller to the buyer. The conditions that both the buyer and seller agreed upon must be met during the closing of the escrow. The buyer can easily get their home loan credit score online and prepare for any dealings.

About the author

Sherry Fields Sherry Fields has been working in real estate since 2002. Working with the development team for the Hilton Garden Inn gave her strategic information on the commercial real estate market in Missoula. Broadening her scope she moved into the residential market and earned the designation SFR in short sales and foreclosures. Currently affiliated with Prudential Montana Real Estate, she works with both buyers and sellers "building relationships so you can buy & sell with confidence". Sherry Fields has recently earned the CREN designation - Certified Real Estate Negotiator. While price is a large part of negotiation - it is also about timing everything from the closing date to inspections, appraisals, home insurance - and it is about negotiating items that can show up in home inspections to achieve a mutually acceptable outcome.

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