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The Place is Almost Yours

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Let's talk about "escrow". To finalize the sale of a place, a neutral, third party (the escrow company) is employed to assure the transaction will close appropriately and on time. Escrow holders hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an online transaction, PayPal is the secure third party that obtains the buyer's funds, and then hands over the payment to the seller.

The escrow holder makes sure that the terms and conditions of the agreement between the two parties are performed in preparation of the sale being finalized.

Escrow companies compile the following 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
  • Loan documents

You're ready to close when every step is complete in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. Title to the house is then transferred to you as new owner and related title insurance is issued as noted in the escrow instructions.

At the close of escrow, in an acceptable form to the escrow. I'll keep you updated on the procedure.

The Escrow Holder Will:

  • Assemble escrow instructions
  • Petition title inquiry
  • Comply with lender's requirements as outlined in the escrow agreement
  • Intake payments from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse payments and finalize instructions

The Escrow Holder Will Not:

  • Advise you - the escrow company must maintain a neutral, third-party status
  • Offer opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow guidelines
  • Petition title search
  • Comply with the bank's guidelines as noted in the escrow agreement
  • Receive payments from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse payments and finalize instructions
  • Offer advice - the escrow company stays a neutral, third-party status
  • Dispense opinions about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is used to make payments for recurring fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

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

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