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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 real estate industry jargon keep you from becoming a homeowner. I can help you work your way through the process. Contact me and I'll make sure you're a smart buyer.

    First-Time Home Buying: Closing

     Pat Douglas Realtors can walk you through closing - 323754-8283
    Let's talk about "escrow". To finish the sale of a house, a neutral, third party (the escrow agent) is employed to assure the transaction will close properly and on time. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. PayPal is a good way to picture an escrow company.

    The escrow company is careful to assure that all terms and conditions of the seller's and buyer's contract are performed prior to the sale being finalized. This includes getting payments and documents, finishing required forms, and getting the release documents for any loans or liens that are to be paid with the transaction, assuring you have a clean title to your property before the purchase price is fully paid.

    These are the pieces of paperwork that escrow companies usually look to collect:

    You're ready to close when all steps are complete in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. The house's title gets transferred to you and title insurance begins per the steps of your particular escrow agreement.

    At the close of escrow, payments are submitted in an acceptable form to the escrow. I'll keep you informed on the next steps.

    The Escrow Holder Will:

    • Write escrow instructions
    • Perform a title inquiry
    • Meet the bank's standards as noted in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse funds and finalize instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow company stays a neutral, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Perform a title inquiry
    • Comply with lender's requirements as written in the escrow agreement
    • Accept payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse funds and finish instructions
    • Tell you what's best - the escrow agent must maintain a neutral, third-party status
    • Offer opinions about tax implications

    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.

    Now you know more about being in escrow. And, you can be a better informed home buyer and future homeowner.

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