Escrow Thursday: The Basics of Escrow

The Basics of Escrow

I attended a continuing education class today at the new Library in Burien, Washington. It was presented by First American Title Insurance Company, and the instructor was Kathy McKinley. The class was on the basics of escrow. I have been doing a blog on escrow for some time now and I found it was getting harder and harder to find interesting topics about escrow. I had just about given up on doing any more blog posts on the topic of escrows, when I received an invitation to attend the class.

I now have more information about escrows then I ever thought possible. I will be sharing this information in blog posts that will be interesting as well as educational. I will be covering topics that will include the governing body of escrow, sub-escrows, the closing statements and beyond. I will be answering questions that you may have about escrow and why it is needed.

I will even be sharing information about the new settlement statements that are a result of the Dodd-Frank Wall Street Reform Act and part of the Consumer Financial Protection Bureau. The task was to create a unified disclosure form that meets TILA (Truth in Lending Act) as well as RESPA (Real Estate Settlement Procedures Act) requirements. The results may fascinate as well as amuse you.

If you are planning to buy or sell a home in the near future you will need to learn about the escrow process. The more you know about escrow the less confusing it will seem when it comes time to sign the final paper work on the sale or purchase of your new home. Most buyers and sellers of real estate are too nervous or anxious about the purchase or sale to really understand what it is they are signing. The more information you have about the whole process the less mysterious it will seem. I will do my  best to simplify and clarify this daunting aspect of buying and selling a home.

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