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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 place or your next place, I'll help you through the process. Contact me and I'll make sure you're a confident buyer.

    The Place is Almost Yours

     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 property, an escrow company is used to insure the process will close appropriately and in a certain amount of time. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. A simple way to understand what an escrow company does is to think of how you might use PayPal for Internet purchases.

    The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's agreement are performed prior to the sale being finalized. This includes receiving monies and documents, signing required forms, and seeking out the release documents for any loans or liens that have been cleared with the transaction, assuring you have a free title to your home before the purchase price is fully paid.

    These are the legal documents that escrow agents usually look for:

    Upon completion of all portions of the escrow, closing can take place. All payments owed and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then receive the title to the property and the title insurance gets issued as agreed upon in the escrow instructions.

    When closing is done, you'll make a payment to the escrow holder. I'll keep you informed on the procedure.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Request title research
    • Comply with lender's requirements as noted in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Advise you - the escrow company stays at an impartial, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Perform a title search
    • Meet the bank's standards as noted in the escrow agreement
    • Receive funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse monies and finalize instructions
    • Offer advice - the escrow agent has to remain an impartial, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to make payments for rolling expenses 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.

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

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