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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 inexperience with the real estate industry prevent you from becoming a homeowner. I can help you understand the process. Contact me and I'll make sure you're a well-informed buyer.

    What is Escrow?

     Pat Douglas Realtors can walk you through closing - 323754-8283
    First, a little about "escrow". When you're closing on your new house, an escrow company is used to make certain the process will close properly and in a specific time frame. A property is said to be in escrow when in the closing transaction, money is secured by a third party on behalf of a buyer and a seller when the exchange of money takes place. An easy way to understand the concept of what an escrow company does is to compare it to PayPal for Internet purchases.

    Tying up any loose ends like taking in funds, signing forms, obtaining the documents for loans and liens, and making sure you get a spotless title to the home prior to your purchase gets finalized are all part of the job of the escrow holder.

    The certificates the escrow holder may obtain include:

    Upon completion of all instructions of the escrow, closing can take place. All payments owed and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title gets handed over to you and title insurance begins per the steps of your individual escrow agreement.

    At the close of escrow, payments are submitted in an acceptable form to the escrow. As your REALTOR, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Request title search
    • Comply with lender's standards as written in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finish instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow company stays a neutral, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Perform a title inquiry
    • Meet lender's standards as written in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finalize instructions
    • Give advice - the escrow agent must maintain a neutral, third-party status
    • Give insight about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to make payments for recurring fees while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Now you know more about how to close on your future home. And, you can be a more informed home buyer and future homeowner.

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