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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Aaron Jones
Cell: 712.320.9442
Janie Eick
Cell: 712.339.0574
Matt Lippon
Cell: 712.330.0604
Brooke Jones
Cell: 641.420.2172Community Updates
"The Bridge"
"The Bridge" has been referred to by the Wharf Bridge, the Kentucky Fried Chicken Bridge, the bridge connecting East and West, among other names. In the good old days, this was actually a draw bridge converted to the current permanent structure. In the 90's when the 3 lane was installed, there was talk about removing the bridge and making some drastic changes. All in all, the base of the bridge remained, and the upper structure was improved. I remember as a kid jumping off the bridge, and fishing on and under the bridge. In fact, an unforgettable memory I have is when I was fishing with my cousin and I casted out trying to reach the opposite corner of the bridge with my lure. In mid air, a pigeon flew and the timing was so great that my line wrapped around the pigeon, and the pigeon went into the water. I reeled it up and had caught a pigeon. My cousin then decided to hold this pigeon inside the front of his coat. We went to show people at Okoboji Boats what we had caught. When we got there, he opened his jacket, and the pigeon had pooped all over his white shirt.
Consumers Lumber Company
Consumers Lumber Company is the only locally owned and operated building center in the area. They have been proudly serving the best builders and homeowners with the best materials and services since 1906.
They have locations in Spirit Lake and Spencer Iowa with a complete line of building materials and builder’s hardware. They also have full showrooms of millwork, stone, decking and cabinetry.
Dollars spent with Consumers Lumber stay in Dickinson and Clay counties. They support all the area schools and youth organizations along with several other community charities. Consumers Lumber Company is also very proud of the fact that their 15 employees have over 200 years of combined service to our company and that they all live, shop and play here.
They offer timely and accurate project bids and drawings to better serve the areas builders and homeowners. They also provide free and fast delivery to the four county area.
WEST Algona
Real Estate and MLS Homes For Sale in Lakes Agent Insight Description of West Lake Rush Lake in the Lake Section of the Area Category