UNDERSTANDING THE ESCROW PROCESS

We know at Madison Capital Escrow, Inc. your home transaction may be your first experience with home buying and understanding the entire purchase process can be a daunting task. We have put ourselves in your shoes and are confident, as experts in the home buying process, that we can give you the right tools to help guide and create a positive home buying experience for you.

 

WHEN DOES AN ESCROW BEGIN?

The escrow is created when money and/or documents are deposited with the escrow officer.  The escrow officer’s authority is strictly governed by written instructions, mutually agreed upon by the parties involved.  The instructions directs Madison Capital Escrow, Inc. to perform duties necessary to complete the transaction. 

 

A few of the tasks which may be required from Madison Capital Escrow, Inc. are to:

► Receive & deposit earnest money

► Order information for Payoff of existing liens

► Calculate and/or prorate taxes, liens, interest, rents and insurance policies

► Make arrangements for title insurance protection for the buyer and lender

► Prepare and/or receive documents relating to the escrow

► Request and receive funding from new lender when conditions have been satisfied

► Arrange for recording of the conveyance documents and any other legal instruments required

    to transfer title to the property pursuant to the terms of the purchase agreement

► Close the escrow and distribute funds as agreed upon  in the instructions

► Prepare a closing statement for the parties showing disposition of funds