Whether it's your first home or your next home, I'll advise you through the process. Contact me.

I'll Champion for You Through Closing

 Roxanne Mercer Real Estate can walk you through closing - (707) 318-8829
First, a little about "escrow". When you're closing on your new property, a neutral, third party (known as the escrow holder or the escrow agent) is used to assure the process will close properly and in a certain amount of time. A property is said to be in escrow when in the closing transaction, money is secured by a third party on behalf of a buyer and a seller when the transaction is taking place. For example, in an online transaction, PayPal is the secure third party that holds the buyer's cash, and then sends the money to the seller.

The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are met in preparation of the sale being completed.

These are the pieces of paperwork that escrow holders usually look for:

  • 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
  • Loan documents

Upon finishing of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then given to you as now current homeowner and appropriate title insurance is issued as outlined in the escrow instructions.

The escrow holder receives a payment when the closing is complete. As your REALTOR, I'll inform you of the acceptable way of paying.

The Escrow Holder Will:

  • Assemble escrow instructions
  • Petition title search
  • Comply with lender's standards as outlined in the escrow agreement
  • Receive funds from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse funds and finish instructions

The Escrow Holder Won't:

  • Advise you - the escrow agent stays at an impartial, third-party status
  • Give insight about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Petition title research
  • Meet the bank's guidelines as noted in the escrow agreement
  • Receive funds from the buyer
  • Prorate interest, insurance, tax and other payments 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 funds and finalize instructions
  • Tell you what's best - the escrow holder stays a neutral, third-party status
  • Dispense opinions about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is used to make payments for on-going expenses while there is a loan on the house. 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 quick run-down of the escrow process. Your individual plan may vary depending on your lender and your escrow company.

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