Escrow officer Danita Barroso and I answer your escrow FAQs.
I recently had the pleasure of sitting down with one of my favorite people in the whole wide world, Danita Barroso, who works with Contact Escrow as an escrow officer. She helped me tackle some of the most common questions I receive relating to escrow, such as, “Do I have to pay my mortgage or property taxes if I’m currently in escrow?” and “What does it mean when an escrow officer sends me a ‘net sheet’?”
From addressing the real threat of wire fraud to the importance of loan documents, Danita and I cover it all.
Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch it in its entirety or use these timestamps to browse specific points at your leisure:
1:34 - Defining escrow—what does it mean to be a mutual third party?
3:33 - What ‘going into escrow’ looks like from the buyer’s and seller’s perspectives
4:53 - The importance of the earnest money deposit in a real estate transaction
6:03 - What happens after a buyer submits their earnest money deposit?
7:34 - What type of documentation does a seller receive at the beginning of the escrow process?
9:27 - What do buyers receive at the beginning of the escrow process?
10:28 - The next big steps in the escrow process after documents are filled out and returned
11:34 - What exactly is a seller’s ‘net sheet’?
12:57 - Understanding the risk of wire fraud
15:00 - How are loan documents typically signed, and how important are they?
17:15 - After the buyer safely wires the money to the escrow officer, what happens next?
19:00 - What options does a seller have for receiving the money once escrow closes?
22:34 - What are the types of fees someone could see on their net sheet?
23:38 - Do you have to pay your mortgage or property taxes if you’re in escrow?
26:27 - Calculating escrow costs
28:00 - Who selects the escrow officer?
29:00 - What type of transactions require an escrow?
35:10 - Wrapping things up
Hopefully, you found our conversation enlightening. Reach out to Danita Barroso and the Contact Escrow team—they do amazing work. As always, reach out to me if you have any real estate questions or concerns. I’m here to help!