An escrow closing is a process which involves the interpretation of your Purchase Agreement, preparation of all legal documents, including the HUD Statement and the receipt and disbursement of all monies in the transaction. It is our responsibility to make sure the letter of the contract is followed.

If your contract contains language which your escrow officer cannot easily understand, it would be appropriate to ask for an Addendum to clarify some aspect of the transaction. Sometimes you may have more than one escrow company. One handling the actual sale of the property between the purchaser and the seller and another representing the purchaser's lender. This doesn't mean the client is paying more than their escrow services, because each aspect of the closing carries its own appropriate fee and responsibilities, i.e. different services and document preparation. When this occurs, the file is balanced by both Escrow Agents to ensure that everyone is in complete agreement, prior to closing.

The cost of the escrow fee is usually split between the purchaser and seller, except when the purchaser is using either FHA or VA financing. In that event the seller pays the entire fee. The cost of the loan closing is usually paid by the purchaser, unless otherwise specifically stated in the Purchase Agreement.