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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Ace Hardware
As your local Ace Hardware, we are one of 5,000+ Ace stores locally owned and operated across the globe. But we are not just about numbers. We are about helping neighbors, because each one of our stores is a part of your community. We are all committed to being "the Helpful Place" by offering our customers personal service, quality products and a convenient shopping experience from the local experts who know you best. As the helpful hardware folks in your neighborhood, we promise that helping you is the most important thing we have to do today.
Consumers Lumber Company
Consumers Lumber Company is the only locally owned and operated building center in the area. They have been proudly serving the best builders and homeowners with the best materials and services since 1906.
They have locations in Spirit Lake and Spencer Iowa with a complete line of building materials and builder’s hardware. They also have full showrooms of millwork, stone, decking and cabinetry.
Dollars spent with Consumers Lumber stay in Dickinson and Clay counties. They support all the area schools and youth organizations along with several other community charities. Consumers Lumber Company is also very proud of the fact that their 15 employees have over 200 years of combined service to our company and that they all live, shop and play here.
They offer timely and accurate project bids and drawings to better serve the areas builders and homeowners. They also provide free and fast delivery to the four county area.
The Ritz
I grew up watching Cheers, if you want that same vibe at the lake, hit The Ritz just south of the bridge. Let alone, Taylor and her staff are the salt of the earth kind of people, the food is amazing! You can tell that a lot of thought has gone into the presentation and you can taste the love in the recipes. Did I mention, they know how to mix a good cocktail as well…..Okoboji style for those who know what I mean! Cold beers, huge glasses of wine, fun kids desserts and the famous Ritz fish bowl. You gotta try it!