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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 scare you from becoming a homeowner. I can help you work your way through the process. E-mail me at Advice@myroxanne.com to get some free information.

    Buying Your Next Home: Closing

     RE/MAX  Full Spectrum - Roxanne Mercer can walk you through closing - (707) 869-9067
    Let's talk about "escrow". When you're closing on your new house, an escrow holder is used to make certain the process 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. For example, in a Web transaction, PayPal is the neutral third party that holds the buyer's money, and then hands over the money to the seller.

    The escrow company is careful to assure that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being completed. This includes securing monies and paperwork, completing required forms, and obtaining the release documents for any loans or liens that have been paid off with the transaction, assuring you have a clean title to your home before the asking price is fully paid.

    These are the records that escrow companies usually look for:

    You're ready to close when all parts are complete in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The property's title is given to you and title insurance begins per the steps of your individual escrow process.

    When closing is finished, you'll submit a payment to the escrow company. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Request title research
    • Meet lender's guidelines as specified in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse monies and finish instructions

    The Escrow Holder Will Not:

    • 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:
    • Prepare escrow instructions
    • Perform a title research
    • Meet lender's requirements as noted in the escrow agreement
    • Accept funds 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 finished
    • Disburse monies and finalize instructions
    • Advise you - the escrow agent stays a neutral, 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. 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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