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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 home, I'll advise you through the process. Call me at (707) 869-9067 and I'll give all the info you'll need to move forward.

    Completing the Transaction

     RE/MAX  Full Spectrum - Roxanne Mercer can walk you through closing - (707) 869-9067
    First, a little about "escrow". An escrow holder is used to assure your home closes on time and the closing process goes smoothly. 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 example of an escrow company.

    The escrow holder makes sure that all terms and conditions of the seller's and buyer's agreement are reached prior to the sale being finalized. This includes securing funds and documents, completing required forms, and seeking out the release documents for any loans or liens that were paid with the transaction, assuring you have a free title to your house before the asking price is fully paid.

    Escrow holders look for the following legal documents:

    You're ready to close when all parts are finished in escrow process. All payments owed and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the home and the title insurance gets issued as stated in the escrow instructions.

    When closing is finished, you'll submit a payment to the escrow company. I'll keep you up-to-date on the next steps.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Petition title inquiry
    • Comply with lender's requirements as written in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments 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 have been finished
    • Disburse payments and finish instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow holder stays at an impartial, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Perform a title search
    • Comply with the bank's guidelines as outlined in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees 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 are complete
    • Disburse monies and finalize instructions
    • Offer advice - the escrow company has to remain an impartial, third-party status
    • Offer opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to make payments for on-going fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    This is a easy to understand guide about the escrow process. Your individual process might vary depending on your lender and your escrow company.

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