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The House is Almost Yours

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Escrow: To finish the sale of a house, a neutral, third party (the escrow agent) is engaged to assure the transaction will close perfectly and on time. A place is said to be in escrow when in the closing process, payment is secured by a third party on behalf of a buyer and a seller when the exchange of money takes place. For example, in a Web auction, PayPal is the neutral third party that obtains the buyer's cash, and then sends the payment to the seller.

Settling the last details like taking in funds, finishing forms, securing the documents for loans and liens, and assuring you get a spotless title to the house before your purchase gets finalized are all parts of closing in which an escrow agent is useful.

Escrow companies collect the following documents:

  • Loan documents
  • 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

Closing on the home takes place when all of the procedures of the escrow are finished. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. You'll then obtain the title to the property and the title insurance gets issued as stated in the escrow instructions.

The escrow company receives a payment at the completion of closing. I'll keep you updated on what comes next.

The Escrow Holder Will:

  • Prepare escrow instructions
  • Petition title research
  • Comply with lender's requirements as written in the escrow agreement
  • Accept funds 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 have been finished
  • Disburse monies and finalize instructions

The Escrow Holder Won't:

  • Tell you what's best - the escrow holder 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:
  • Assemble escrow guidelines
  • Request title research
  • Meet the bank's standards as written in the escrow agreement
  • Accept payments from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer are complete
  • Disburse funds and finish instructions
  • Advise you - the escrow holder 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. 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 smarter home buyer and future homeowner.

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