Whether it's your first property or your next place, I'll educate you through the process. Contact me.

Steps to Closing on a House

 Roxanne Mercer Real Estate can walk you through closing - (707) 318-8829
Escrow: When you're closing on your new property, an escrow agent is used to insure the transaction will close without problems and in a timely manner. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good way to picture an escrow company.

Clearing the final hurdles like taking in funds, signing forms, obtaining the documents for loans and liens, and assuring you get a clear title to the home prior to your purchase gets finalized are all part of the job of the escrow company.

These are the documents that escrow agents 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

Closing on the home happens when all of the procedures of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the house and the title insurance gets issued as outlined in the escrow instructions.

When closing is completed, you'll submit a payment to the escrow agent. As your REALTOR, I'll inform you of the acceptable way of paying.

The Escrow Holder Will:

  • Prepare escrow instructions
  • Perform a title inquiry
  • Comply with the bank's standards as written in the escrow agreement
  • Intake 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 finalize instructions

The Escrow Holder Won't:

  • Tell you what's best - the escrow agent must stay at a fair, third-party status
  • Give insight about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Petition title search
  • Comply with lender's guidelines as outlined in the escrow agreement
  • Accept funds 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 have been finished
  • Disburse monies and finish instructions
  • Tell you what's best - the escrow agent must stay at a fair, third-party status
  • Offer opinions about future tax estimations

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

Now you know more about how to close on your future home. And, you can be a better informed home buyer and future homeowner.

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