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Home Buying For Dummies, 4th Edition by Eric Tyson MBA, Ray Brown

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Chapter 14

It Ain’t Over till the Weight-Challenged Escrow Officer Sings

In This Chapter

Understanding what escrows are and how they operate

Reviewing closing costs and your closing statement

Discovering why year-end escrows can be tricky

Taking title to and possession of your home

Dealing with buyer’s remorse

The big day draws near. Soon, if all goes well, you’ll plunk down the balance of your down payment, sign on the dotted line, and pick up the keys to your dream home.

For most people, the final throes of buying a home involve elephantine incertitude, high anxiety, and flop sweats. You, however, are not most people. The tips you find in this chapter will soothe your fevered brow, smooth the yellow brick road to success, and make the endgame downright pleasant and enjoyable.

An Escrow Is a Good Thing

As soon as possible after you and the seller have a ratified offer (that is, a signed contract), all funds, documents, and instructions pertaining to your transaction should be delivered to a neutral third party: the escrow holder designated in your purchase agreement. The act of giving these funds, documents, and instructions to the escrow holder constitutes the escrow. Depending on the local custom in your area, a lawyer, an escrow firm, or a title company may handle the escrow. Buyers and sellers generally select an escrow holder based on recommendations from their agents. However, as with other companies you choose to do business with in your home-buying transaction, know ...

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