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I'll Champion for You Through Closing

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Escrow: A neutral, third party (known as the escrow holder or the escrow agent) is brought on to assure your home closes on time and the transaction goes smoothly. A home is said to be in escrow when in the closing transaction, funds is secured by a third party on behalf of two parties when the transaction is taking place. A simple way to understand what an escrow company does is to think of the use of PayPal for online purchases.

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

The pieces of paperwork the escrow agent may secure include:

  • 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
  • Tax statements

Upon finishing of all portions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. You'll then obtain the title to the house and the title insurance gets dispersed as stated in the escrow instructions.

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

The Escrow Holder Will:

  • Assemble escrow instructions
  • Perform a title inquiry
  • Meet lender's requirements as outlined in the escrow agreement
  • Accept payments from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • Record deeds and other legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse monies and finalize instructions

The Escrow Holder Won't:

  • Tell you what's best - the escrow agent stays at an impartial, third-party status
  • Give insight about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Petition title inquiry
  • Meet the bank's requirements as noted in the escrow agreement
  • Receive funds from the buyer
  • Prorate interest, insurance, tax 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 are complete
  • Disburse funds and finalize instructions
  • Advise you - the escrow holder has to remain an impartial, third-party status
  • Give insight about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is started to make payments for rolling fees 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.

Once you're at ease with the escrow process, you can be a more assured buyer.

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