Escrow Services in Washington, D.C.
Neutral, Secure, and Fully Bonded
What Is Escrow?
Escrow is the process of holding funds during a real estate transaction until all conditions are met. We manage escrow accounts with strict adherence to D.C. regulations. Specifically, Escrow is defined to be a bond, deed, or other document kept in the custody of a third party and taking effect only when a specified condition has been fulfilled. DC Mistry Closing company is an escrow company and title company that services escrow. During the homebuying process, DC Mistry Closing with be a neutral third party that mediates the real estate deail and holds money and the property “in escrow” until all the conditions from the purchase contract and sale agreement have been met. After the conclusion, your mortgage lender will create an escrow account. This account will manage property tax and homeowners insurance premiums which will be paid on your behalf. The Code of the District of Columbia states § 42–1704. Escrow accounts contain ethical rules that in any real estate transaction when DC Mistry Closing is entrusted, receives, and accepts, or otherwise holds or deposits monies or other trust instruments in the absence of written instructions to the contrary signed by all parties to the transaction, shall deposited within 7 days in an account in a financial institution, and must maintained by the escrow holder or trustee as a separate account for monies belonging to others, and retained in an account until the transaction involved is consummated or terminated.
Our Escrow Services Include:
- Holding buyer deposits and down payments
- Managing disbursement instructions
- Coordinating with lenders and lienholders
- Providing post-closing reconciliation and ledgers
Why use our Escrow Services?
Holding buyer deposits and down payments:
DC Mistry Closing escrow accounts serve to protect deposite money until all conditions of the sale of real estate contract are met, and hold the homeowner’s money for certain property expenses. These expenses are typically property taxes and homeowner insurance.
Managing disbursement instructions:
When all condition in the real estate contract are met before the title and money are relased. For example, say the home inspection uncovered a significant problem, and the seller agreed to get it repaired, and when you do your final walk-through, you discover the seller did not do the repairs. The money would not be released to the seller until the condition was met and your money would be safe.
Coordinating with lenders and lien holders:
Recently, DC Mistry Closing works very close with banks. Most banks require escrows to be held for taxes and sometimes homeowner’s insurance too. This is simply because banks want to make sure that the borrowers pay their homeowner’s insurance and their property taxes.
Providing post-closing reconciliation and ledgers:
The homebuying escrow period ends when you close on the house. Closing is also referred to as the closing of escrow account. The escrow agent at DC Mistry Closing will arrange a closing process, including presenting the purchase and sale agreement. The closing also includes the payment of service fees for the escrow agent. DC Mistry Closing provides transparent fees depending on the sale of the property, and the fee will be listed in the loan estimate you get from your lender before closing and could change until receive the closing disclosure from the your lender.
Why Use DC Mistry Closing for Escrow?
BUILT-IN SAVING: For many people, an escrow account is a good choice and DC Mistry Closing will simplify your saving process, and its relatively worry-free. Property Taxes are usually due only once or twice a year. This means that after months of making no payment, you’ll need to pay a large amount to your local government. DC Mistry Closing will make sure all payments are on time and we will allow homebuyer’s to equalize your payments into regular, required monthly chucks.
WORRY FREE: The bank takes the responsibility of make sure your taxes and insurance are paid in time and in full. Your lender must pay the penalties associated with the any mistakes.
APPROVED MORTGAGES: Many lenders will not allow you to get a mortgage unless you have accepted using escrow your homeowner’s insurance and tax payments since many lenders would find it a liability.
Secure Your Transaction with Confidence
Contact us to open an escrow account today.