Page 10 - CTT Title & Escrow Guide for Buyers & Sellers - Montana
P. 10

ESCROW & THE                                        What do closing costs include?
               CLOSING                                             The closing costs will include title
                                                                   premium, taxes, notary fees, loan fees,
               PROCESS                                             escrow fees and recording fees.


                                                                   How do I open escrow?
               Escrow is a financial                               On occasion, your real estate agent will
               arrangement between two                             open an escrow account for the
               parties that then enlist a neutral                  transaction, but any parties involved
                                                                   may open the account. To open escrow,
               third-party to hold money,                          respective parties must deliver to an
               paperwork, and assets before a                      escrow company the earnest money
               transaction is finalized. Escrow is                 check and the Purchase and Sale
               required to follow mutual written                   Agreement.
               instructions from all parties.                      Who sets the closing date?
               Escrow will coordinate with the                     Both the buyer and seller must
               buyer, seller, and lenders, as the                  mutually agree to a closing date but
               middleman, to make sure that                        either can choose.
               the buyer and seller uphold their
               agreement.                                          Who selects the escrow company?
                                                                   Any party to a transaction may decide
                                                                   which escrow company will close the
                                                                   transaction.















































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