What Exactly Is Escrow?
So, what is escrow, exactly?
Escrow is an arrangement in which a neutral third party holds onto funds and key documents involved in a home sale, and then distributes them according to the agreement between the buyers and sellers. The escrow period begins when a seller accepts a buyer's offer, and ends at the closing table. At Remax, we perform Escrow in house rather than hiring a 3rd party. Have your earnest deposit money in an easily accessible account when home shopping. This will enable you to move fast on an offer if you find your perfect place. Purchasing a house isn't like buying shoes; there's a lot of money involved, a lot of steps to manage, and a lot at stake. So the buyers and sellers don't exchange money and documents directly with one another. They do it through the escrow account. Escrow ensures accountability. Buyers want to be sure all contingencies are met (inspection, title report, secured mortgage, etc.) before the sellers cash any checks. Sellers want to make sure they receive funds before they hand over the deed. What happens during escrow? An escrow account opens up when buyers put down earnest money to show the sellers that they’re serious about buying the home. A Remax Settlement/closing agent handles all the escrow work with help from the agents. An escrow officer, or settlement agent, does the following:
• Processes and facilitates the flow of documents and funds.
• Keeps all parties informed of progress.
• Responds to the lender's requirements.
• Secures a title insurance policy (if necessary).
• Obtains approval of reports and documents from all parties.
• Prorates and adjusts insurance, taxes, rents, fees, etc.
• Records the deed and loan documents.
• Keeps track of and holds onto money owed and money deposited.
Escrow closes when all the tasks, documents and funds are performed or secured by the escrow officer.
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Ace Hardware
3401 Berquist Ave
Spirit Lake, IA 51360
Local hardware store in Spirit Lake owned by Gary & Peggy Fick & Cynthia Fick. The selection and the service are excellent at Ace Hardware, if you have a need they are quick at helping you find it. You can find Ace HW by going on Hwy 71 South from Walmart, it is located on the East side of the road at the 3rd stop light.
Open at 7:30 am Monday through Saturday and 10 am on Sunday.
Ace Hardware has more than 4,600 stores in 50 states and 70 countries. Each store is independently owned.
Healthy Living Program Center Spirit Lake
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802 Lake Street
Spirit Lake, IA 51360
One of the many convenient locations offered by the Bedell Family YMCA is conveniently located in downtown Spirit Lake on the corner of Hill Ave and Lake Street.
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Monday - Thursday 5 am to 11 pm
Friday 5 am to 9 pm
Saturday 6 am to 9 pm
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Bomgaars is great for pretty much any of your home improvement projects.