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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Brooks Golf
Enjoy an Unparalleled Golf Experience at Brooks Golf featuring 27 holes and immaculate bent grass fairways and greens!
Nestled among the Iowa Great Lakes is Brooks Golf. Originally constructed as an 18 hole layout by Val Brooks in 1932, the course attracted many famous players such Sam Snead, Walter Hagen, and Babe Didrikson Zaharias for exhibition matches and hosted the Iowa Open. In more recent times, Brooks has hosted the Iowa PGA Section Championship and the Barb Thomas Pro-Am.
Always known for its beauty and excellent course conditions, Brooks has matured into an excellent parkland layout for Midwest vacationers. In 1995, Brooks began an expansion to 27 holes, thus beginning one of the most aggressive improvement projects for golf in Northwest Iowa. Brooks Golf blends masterful design with superb playing conditions featuring bent grass fairways and greens. We welcome you to play and enjoy your stay in Okoboji.
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