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Completing the Transaction

 Metro Properties can walk you through closing - 866-300-1550
First, a little about "escrow". An escrow agent is hired to assure your house closes on time and the transaction goes smoothly. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. For example, in a Web transaction, PayPal is the secure third party that holds the buyer's payment, and then sends the money to the seller.

The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are completed prior to the sale being completed.

Escrow holders collect the following forms:

  • Requests for payment for various services to be paid out of escrow funds
  • Loan documents
  • Tax statements
  • Fire and other insurance policies
  • Title insurance policies
  • Terms of sale and any seller-assisted financing

Upon completion of all instructions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. You'll then get the title to the home and the title insurance gets dispersed as stated in the escrow instructions.

At the close of escrow, payments are submitted in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

  • Write escrow instructions
  • Petition title research
  • Comply with lender's guidelines as written in the escrow agreement
  • Intake 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 terms of agreement of seller and buyer are met
  • Disburse payments and finalize instructions

The Escrow Holder Won't:

  • Tell you what's best - the escrow company has to remain 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
  • Petition title search
  • Meet the bank's standards as written in the escrow agreement
  • Intake payments from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse payments and finish instructions
  • Give advice - the escrow holder must stay at a fair, third-party status
  • Give insight about the outcome of your taxes

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

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

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