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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
Purchasing real estate for the first time can be confusing. I can help. Call me at 866-300-1550.
Escrow 101
Let's talk about "escrow". To complete the sale of a place, a neutral, third party (the escrow agent) is engaged to assure the transaction will close appropriately and on time. Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller. For example, in a Web transaction, PayPal is the reliable third party that holds the buyer's payment, and then sends the funds to the seller.
Tying up any loose ends like receiving funds, completing forms, getting the documents for loans and liens, and making sure you get a clear title to the house prior to your purchase gets finalized are all parts of closing in which an escrow agent is useful.
Escrow companies want to acquire the following forms:
Upon completion of all instructions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. The house's title gets handed over to you and title insurance is issued per the steps of your particular escrow agreement.
At the close of escrow, payments are submitted in an acceptable form to the escrow. I'll keep you informed on the procedure.
The Escrow Holder Will:
- Write escrow instructions
- Perform a title research
- Meet the bank's guidelines as noted in the escrow agreement
- Accept payments from the buyer
- Prorate insurance, tax, interest and other payments according to instructions
- Record deeds and other paperwork as instructed
- Obtain title insurance policy
- Close escrow when all instructions of seller and buyer are complete
- Disburse funds and finalize instructions
The Escrow Holder Won't:
- Offer advice - the escrow company must maintain a neutral, third-party status
- Offer opinions about future tax estimations
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The Escrow Holder Will:
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The Escrow Holder Won't:
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- Prepare escrow guidelines
- Petition title search
- Comply with lender's standards as specified in the escrow agreement
- Accept payments 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 payments and finish instructions
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- Give advice - the escrow holder stays a neutral, third-party status
- Dispense opinions about future tax estimations
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Mortgage Escrow Account
A Mortgage Escrow Account is started to make payments for on-going expenses while there is a loan on the house. 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 how to close on your future home. And, you can be a better informed home buyer and future homeowner.