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 real estate industry jargon prevent you from becoming a homeowner. I can help you become knowledgeable about the process. Contact me.

    Closing the Sale in Salida

     Barbara Pearson-Sawyer, GRI,ABR,SRS,SRES can walk you through closing - 719-207-3884
    Escrow: When you're closing on your new home, a neutral, third party (known as the escrow holder or the escrow agent) is used to ensure the process will close without problems and in a timely manner. A property is said to be in escrow when in the closing transaction, money is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the exchange of money takes place. For example, in an Internet purchase, PayPal is the neutral third party that holds the buyer's funds, and then hands over the funds to the seller.

    The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached prior to the sale being finished.

    These are the legal forms that escrow holders usually compile:

    Closing on the home takes place when the steps of the escrow are complete. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. You'll then receive the title to the home and the title insurance gets issued as outlined in the escrow instructions.

    The escrow holder receives a payment when the closing is complete. As your REALTOR, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Request title inquiry
    • Comply with lender's standards as noted in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • 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 tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Request title research
    • Comply with the bank's guidelines as noted in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse payments and finish instructions
    • Advise you - the escrow holder has to remain an impartial, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Now you know more about being in escrow. And, you can be a better informed home buyer and future homeowner.

    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