In certain parts of the U.S. a procedure known as escrow is used to have a disinterested third party oversee the terms and conditions set forth in a purchase agreement are carried out properly and in a timely fashion. In the Kansas City Metro Area, the process of completing the purchase of a home is known as the "Settlement" process. Again, the title company (a disinterested third party) holds any earnest money and coordinates the assembly of all fees from the real estate brokerages, mortgage lenders, title companies, etc. in one central location. The settlement/title company will ensure all documents are accurate and complete and all final documents are properly signed, dated and notorized. Once all documents are finalized the title company will coordinate distribution of funds between mortgage lender, buyer and seller as well as ensuring all appropriate docmuments have been successfully recorded with the appropriate government agencies.
How does the escrow/settlement process work?
The title company holds in escrow all monies, instructions and documents for the purchase of your home, including your down payment funds and your lender’s funds as well as all appropriate and necessary documents for the new loan. The escrow officer takes instructions based on the terms of your purchase agreement and your lender’s requirements. The escrow officer can hold inspection reports and bills for work performed as required by your purchase agreement. Other elements of the escrow include hazard insurance, title insurance and the grant deed from the seller to you. Escrow cannot be completed until the instructions (requirements) have been satisfied, and all parties have signed escrow documents.
The settlement company's duties include:
How do I open an escrow/settlement account?
You don't. As soon as we have a fully executed agreement (signed by both buyer & seller), it will be sent to the title company along with your earnest money. It will be held untill the final settlement when your earnest deposit will be credited to your side of the settlement. Making sure all appropriate documents are in the hands of the title company along with timely deposit of the earnest money is our responsiblity, as your Designated Buyer's Agents.
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