719-207-3884 719-207-3884 Salida, Colorado, Salida, how to choose a real estate agent, getting a real estate agent, picking a real estate agent, real estate professional, homeowner, home buyer, home sales, buying a house, buying a house in Salida, buying a house in Salida, buying a house in Colorado, real estate agent in Salida, real estate agent in Salida, real estate agent in Colorado, finding a real estate agent in Salida, finding a real estate agent in Salida, finding a real estate agent in Colorado, buying houses, buying homes, selling homes, selling houses, Barbara Pearson-Sawyer, GRI,ABR,SRS,SRES, things to look for when buying a home, how to buy a house, house hunting, home buying tip, home buying help, find a home to buy, home buying questions, home buying advice, home buying, home buying checklist, escrow, being in escrow, escrow agent, escrow fees, closing on a house, escrow companies
  • 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
  • Don't let the unknown scare you from becoming a homeowner. I can help you work your way through the process. E-mail me at barbara@pearson-sawyer.com .

    Steps to Closing on a Property

     Barbara Pearson-Sawyer, GRI,ABR,SRS,SRES can walk you through closing - 719-207-3884
    Escrow: When you're closing on your new property, an escrow holder is used to insure the transaction will close appropriately and in a certain amount of time. A home is said to be in escrow when in the closing transaction, payment is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the transaction is taking place. An easy way to understand the concept of what an escrow company does is to compare it to PayPal for online purchases.

    Clearing the final hurdles like taking in funds, signing forms, securing the documents for loans and liens, and assuring you get a clear title to the property in preparation of your purchase gets finalized are all part of the job of the escrow company.

    The pieces of paperwork the escrow agent may obtain include:

    Closing on the home happens when all of the procedures of the escrow are complete. All outstanding payments and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the property and the title insurance gets issued as noted in the escrow instructions.

    The escrow agent receives a payment when the closing is complete. I'll keep you up-to-date on the next steps.

    The Escrow Holder Will:

    • Write escrow instructions
    • Perform a title research
    • Meet lender's standards as noted 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 instructions of seller and buyer are complete
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Advise you - the escrow holder stays at an impartial, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Request title search
    • Meet lender's standards as specified 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
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse payments and finalize instructions
    • Advise you - the escrow holder must maintain a neutral, 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    Once you're comfortable with the escrow process, you can be a better buyer.

    Looking to Buy?

    Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

    Your Information
    Some Details