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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
  • Whether it's your first house or your next property, I'll educate you through the process. Call me at 323754-8283 and I'll give help you purchase the property you want.

    Steps to Closing on a Home

     Pat Douglas Realtors can walk you through closing - 323754-8283
    First, a little about "escrow". To complete the sale of a home, a neutral, third party (the escrow company) is engaged to assure the transaction will close properly and on time. A property is said to be in escrow when in the closing process, payment is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the exchange of money takes place. A simple way to understand the concept of what an escrow company does is to think of how you might use PayPal for Internet purchases.

    The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are met prior to the sale being finalized.

    The records the escrow company may obtain include:

    Upon completion of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then given to you as now current homeowner and related title insurance is issued as outlined in the escrow policy.

    When closing is completely finished, you'll pay the fees to the escrow agent. I'll keep you informed on the procedure.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Request title research
    • Meet lender's guidelines as written in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse funds and finalize instructions

    The Escrow Holder Won't:

    • Advise you - the escrow company stays a neutral, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Petition title inquiry
    • Comply with lender's standards as written in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest 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
    • Offer advice - the escrow agent stays at an impartial, third-party status
    • Give insight about future tax estimations

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    This is a simple outline of the escrow process. Your specific plan may vary depending on your bank and your escrow agent.

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