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Tax statements
Fire and other insurance policies
Title insurance policies
Terms of sale and any seller-assisted financing
Requests for payment for various services to be paid out of escrow funds
Don't let the unknown prevent you from becoming a homeowner. I can help you understand the process. E-mail me at
durrah2realestate@gmail.com to get some free information.
First-Time Home Buying: Closing
Escrow: An escrow agent is brought on to assure your place closes on time and the process goes smoothly. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good way to picture an escrow company.
Settling the last details like obtaining funds, completing forms, obtaining the documents for loans and liens, and making sure you get a clean title to the home prior to your purchase gets finalized are all part of the job of the escrow company.
The certificates the escrow company may collect include:
You're ready to close when all steps are finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The property's title gets transferred to you and title insurance is issued per the steps of your particular escrow agreement.
At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. I'll keep you updated on the next steps.
The Escrow Holder Will:
- Prepare escrow instructions
- Petition title research
- Meet lender's standards as outlined in the escrow agreement
- Intake funds from the buyer
- Prorate tax, interest, insurance and other fees according to instructions
- Record deeds and other paperwork as instructed
- Request title insurance policy
- Close escrow when all instructions of seller and buyer are met
- Disburse payments and finalize instructions
The Escrow Holder Will Not:
- Give advice - the escrow holder has to remain an impartial, third-party status
- Dispense opinions about the outcome of your taxes
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The Escrow Holder Will:
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The Escrow Holder Won't:
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- Write escrow instructions
- Request title search
- Meet the bank's requirements as outlined in the escrow agreement
- Intake payments from the buyer
- Prorate tax, interest, insurance and other fees according to guidelines
- Record deeds and other paperwork as instructed
- Obtain title insurance policy
- Close escrow when all terms of agreement of seller and buyer have been met
- Disburse funds and finish instructions
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- Tell you what's best - the escrow agent stays at an impartial, third-party status
- Give insight about the outcome of your taxes
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Mortgage Escrow Account
A Mortgage Escrow Account is started to make payments for recurring fees while there is a loan on the house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.
Now you know more about being in escrow. And, you can be a more confident home buyer and future homeowner.