Whether it's your first home or your next home, I'll help you through the process. Call me at 866-300-1550 and I'll give all the info you'll need to move forward.

Completing the Transaction

 Metro Properties can walk you through closing - 866-300-1550
Let's talk about "escrow". To finalize the sale of a place, a neutral, third party (the escrow company) is employed to assure the process will close correctly and on time. When payment is 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.

Settling the last details like receiving funds, finishing forms, getting the documents for loans and liens, and making sure you get a clear title to the property in preparation of your purchase gets finalized are all part of the job of the escrow holder.

The records the escrow company may secure include:

  • Terms of sale and any seller-assisted financing
  • 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

Closing on the house happens when all of the procedures of the escrow are done. All payments owed and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the house and the title insurance gets dispersed as outlined in the escrow instructions.

At the close of escrow, payments are submitted in an acceptable form to the escrow. As your real estate professional, I'll let you know what is an acceptable way of paying.

The Escrow Holder Will:

  • Write escrow instructions
  • Perform a title inquiry
  • Meet the bank's guidelines as outlined in the escrow agreement
  • Intake funds 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 finished
  • Disburse funds and finish instructions

The Escrow Holder Will Not:

  • Tell you what's best - the escrow agent stays at an impartial, third-party status
  • Give insight about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Request title search
  • Comply with the bank's standards as specified in the escrow agreement
  • Accept funds from the buyer
  • Prorate interest, insurance, tax 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 have been met
  • Disburse payments and finalize instructions
  • Advise you - the escrow agent stays at an impartial, third-party status
  • Dispense opinions about tax implications

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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.

Once you have the basics of the escrow process down, you can be a informed buyer.

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