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Closing the Sale in Santa Rosa, California

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Let's talk about "escrow". To complete the sale of a home, a neutral, third party (the escrow company) is employed to assure the transaction will close correctly and on time. When payment is 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.

Tying up any loose ends like receiving funds, signing forms, securing the documents for loans and liens, and assuring you get a spotless title to the home before your purchase gets finalized are all part of the job of the escrow company.

These are the legal forms that escrow agents usually look to collect:

  • Loan documents
  • 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

Closing on the house takes place when all of the procedures of the escrow are complete. All debts and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the property and the title insurance gets issued as noted in the escrow instructions.

At the close of escrow, payments of funds are made in an acceptable form to the escrow. I'll keep you updated on the procedure.

The Escrow Holder Will:

  • Prepare escrow instructions
  • Petition title inquiry
  • Comply with lender's requirements as written in the escrow agreement
  • Accept funds from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse funds and finalize instructions

The Escrow Holder Will Not:

  • Advise you - the escrow holder has to remain an impartial, third-party status
  • Offer opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Request title inquiry
  • Meet the bank's guidelines 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 documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse funds and finalize instructions
  • Give advice - the escrow holder stays at an impartial, third-party status
  • Offer opinions about tax implications

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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.

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