Who Pays the Escrow Fees?
Participating in a real estate transaction as a buyer, lender, seller, or any other party is a very big deal. It’s an exciting time that involves so many emotions. To make sure every detail of your real estate transaction gets taken care of without a problem, make sure you enlist the expertise of the impeccable escrow agents at Neighborhood Escrow. We’ll make sure every detail described in the Residential Purchase Agreement and Joint Escrow Instructions is handled properly before closing. Working with an escrow agent at Neighborhood Escrow is highly recommended because we give you tremendous peace of mind throughout the real estate transaction. You’ll be able to rest assured that no money or property will change hands until all the purchasing conditions that all parties have agreed to have been met, plus all applicable instructions have been faithfully followed.
What about the money?
One question that naturally arises among first time real estate buyers is, who pays the escrow fees? This is an important question to get an answer to so that you can be prepared for whichever portion of the escrow fees you’ll be responsible for after closing. Fees included in the escrow fees include:
- Document transfer tax
- Recording of the grant deed
- Title insurance
- Inspection fees
- Notary fees
- And more.
Whoever pays the escrow fees is up to the parties involved. But in most real estate transactions, the buyer and seller will split the escrow company’s fees 50/50. In certain areas, though, practices differ. The buyer, sell, or in some circumstances, even the lender may be held responsible for the escrow company’s fees.
How do you get started?
Start working with one of our highly qualified, experience escrow agents today by calling 310-378-2456 or emailing debbie@neighborhoodescrow.com. The escrow process will begin when the buyer, seller, lender, and borrower agree on escrow instructions and deliver them in writing to the escrow officer. In many cases, the real agents will provide all necessary information for this process, in addition to client input. When the escrow officer from Neighborhood Escrow has received all instructions and required documents, they will process the escrow. The escrow agent’s duties include ensuring that all instructions from all parties are mutually compatible, paying bills as authorized, responding to authorized requests from the parties, and precisely handling all funds and documents as instructed. After all instructions have been accomplished, the escrow officer will close the escrow and deliver the funds and documents to all appropriate parties. That’s it!
If you have any questions before, during, or after the escrow process, don’t hesitate to give us a call at 310-378-2456 or email debbie@neighborhoodescrow.com. We are here to help you, and we want to make the escrow process as smooth and worry-free as possible. Contact us today to get started! We have been South Bay’s most trusted escrow company since 1985, and we look forward to serving you.
