What Is Escrow ?  

What Is Escrow ?

In simple terms, escrow can be described as the process of selling a property and giving the money for that property using a third party who is neutral. Basically, escrow offers protection to both the buyer and seller and ensures that each one sticks to his or her part of the purchase agreement. More...

Opening An Escrow Account

Opening An Escrow Account

Opening an escrow account is not at difficult. All you have to do is choose an escrow company or a title company, go to the office of the company, fill up the required forms, handover the money so that it is deposited into the account and then give the company all the necessary instructions to carry out the transactions.

Anyone who is part of the real estate transaction, like the seller, buyer, lender or real estate, can open an escrow account. More...

Are Escrow Officers Required To Be Licensed In New Mexico ?

Are Escrow Officers Required To Be Licensed In New Mexico ?

When it comes to escrow, an escrow officer is like a mediator between the seller and buyer. Usually, it has been seen that escrow officer help with transferring of titles, and to work in such a job does not require a person to have a degree in any particular field. Normally, the person undergoes training for the job while he or she is working.

When it comes to the state of New Mexico, escrow officers are not required to be licensed if they are in-charge of closing deals, doing limited escrow functions or preparing settlement documentation. On the other hand, More...

Initial Escrow Account Statement

Initial Escrow Account Statement

If you are interested in purchasing a house using an escrow account, then you will get something known as the initial escrow account statement. This statement is mandatory and stipulated by the Real Estate Settlement Procedures Act, which was passed by the US Department of Housing and Urban Development.

The statement ensures that a potential home buyer is aware of all the terms and conditions related to their mortgage. While the rules of Act were set up on 17 November 2008, the rules came into effect on 1 January 2010. More...

Calculate Mortgage Payment With Escrow

Calculate Mortgage Payment With Escrow

If you are looking to calculate mortgage payment with escrow, you should first understand that a mortgage is composed of 4 components, namely principal, interest, taxes and insurance. These components are also referred to as PITI.

Principal is the amount that a lender lends and this amount has to be repaid. The interest is the cost that is charged for taking the principal from the lender. The tax is the amount that a person has to pay on the property to the local government; More...

 

 

    
 

Real Estate 101 :

What Is An Escrow Account ?       An escrow account is maintained by an escrow company that is looked upon as neutral third party to ensure that the seller and buyer of the property adhere to the terms and conditions stipulated in the purchase agreement. Usually, the money that is paid as the down payment and as earnest money is held in an escrow account until the buyer pays the entire purchase price of the property, insurance or any other payment. In addition, all the important documents related to the property are maintained by the escrow company. More..

 


 

 

 
   
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Initial Escrow Account Statement , Opening An Escrow Account  )
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