Whether it's your first property or your next house, I'll walk you through the process. Call me at (707) 318-8829 and I'll give help you obtain the house you want.

Steps to Closing on a Home

 Roxanne Mercer Real Estate can walk you through closing - (707) 318-8829
Let's talk about "escrow". To close the sale of a place, a neutral, third party (the escrow company) is brought into the picture to assure the transaction will close appropriately and on time. Escrow holders hold money for "safe-keeping" in an exchange between a buyer and seller. For example, in an Internet transaction, PayPal is the reliable third party that holds the buyer's payment, and then hands over the funds to the seller.

Settling the last details like taking in funds, finishing forms, getting the documents for loans and liens, and assuring you get a clean title to the home in preparation of your purchase gets finalized are all parts of closing in which an escrow holder is useful.

These are the legal forms that escrow companies usually compile:

  • 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

Upon finishing of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. The home's title gets handed over to you and title insurance is issued per the policies of your individual escrow agreement.

The escrow company receives a payment at the completion of closing. I'll keep you informed on what comes next.

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Petition title inquiry
  • Meet the bank's standards as written in the escrow agreement
  • Intake payments 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 instructions of seller and buyer are met
  • Disburse monies and finish instructions

The Escrow Holder Won't:

  • Advise you - the escrow agent has to remain an impartial, third-party status
  • Offer opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Petition title research
  • Comply with the bank's requirements as outlined in the escrow agreement
  • Accept funds from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse monies and finalize instructions
  • Tell you what's best - the escrow agent must stay at a fair, third-party status
  • Dispense opinions about future tax estimations

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

Once you have the ABCs of the escrow process down, you can be a better buyer.

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