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  • 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 inexperience with the real estate industry scare you from becoming a homeowner. I can help you work your way through the process. Call me at 719-207-3884.

    Buying Your Next Property: Closing

     Barbara Pearson-Sawyer, GRI,ABR,SRS,SRES can walk you through closing - 719-207-3884
    Let's talk about "escrow". To finalize the sale of a house, a neutral, third party (the escrow holder) is brought into the picture to assure the process will close appropriately and on time. Escrow companies hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an online auction, PayPal is the secure third party that obtains the buyer's cash, and then disburses the money to the seller.

    The escrow company is careful to assure that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being finalized. This includes getting payments and documents, filling out required forms, and obtaining the release documents for any loans or liens that have been paid with the transaction, assuring you have a clean title to your property before the asking price is fully paid.

    These are the records that escrow holders usually look for:

    Closing on the property takes place when the steps of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. The property's title gets transferred to you and title insurance begins per the steps of your particular escrow process.

    When closing is done, you'll submit a payment to the escrow company. As your REALTOR, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Perform a title inquiry
    • Comply with lender's guidelines 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 finished
    • Disburse monies and finish instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow holder must stay at a fair, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Perform a title research
    • Comply with the bank's standards as noted in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse monies and finish instructions
    • Give advice - the escrow company stays at an impartial, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to pay recurring expenses while there is a loan on the 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.

    This is a simple outline of the escrow process. Your individual plan will vary based on your bank and your escrow company.

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