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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
  • Buying property for the first time can be confusing. I can help. E-mail me at Advice@myroxanne.com .

    What is Escrow?

     RE/MAX  Full Spectrum - Roxanne Mercer can walk you through closing - (707) 869-9067
    First, a little about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is brought on to assure your place closes on time and the closing process goes smoothly. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. A simple way to think of what an escrow company does is to think of how you might use PayPal for online purchases.

    The escrow agent makes sure that the terms and conditions of the agreement between the two parties are completed in preparation of the sale being completed.

    The records the escrow holder may obtain include:

    You're ready to close when each step of the done in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. Title to the home is then transferred to you as new owner and correct title insurance is issued as noted in the escrow instructions.

    At the close of escrow, payments are submitted in an acceptable form to the escrow. As your real estate agent, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Request title search
    • Comply with the bank's guidelines as noted in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow holder must stay at a fair, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Petition title search
    • Meet the bank's standards as written in the escrow agreement
    • Intake funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse monies and finish instructions
    • Tell you what's best - the escrow holder has to remain an impartial, third-party status
    • Give insight 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    This is a simple outline of the escrow process. Your individual process may be unique depending on your bank and your escrow holder.

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