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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 real estate industry jargon scare you from becoming a homeowner. I can help you understand the process. Contact me.

    Closing the Sale in Salida

     Barbara Pearson-Sawyer, GRI,ABR,SRS,SRES can walk you through closing - 719-207-3884
    First, a little about "escrow". An escrow holder is used to assure your house closes on time and the money exchanging part of closing goes smoothly. Escrow holders hold money for "safe-keeping" in an exchange between a buyer and seller. For example, in an online purchase, PayPal is the neutral third party that holds the buyer's payment, and then sends the funds to the seller.

    The escrow agent insures that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being finished. This includes receiving payments and certificates, finishing required forms, and obtaining the release documents for any loans or liens that were cleared with the transaction, assuring you have a clean title to your house before the negotiated price is fully paid.

    Escrow agents look for the following forms:

    You're ready to close when every step is done in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. Title to the property is then given to you as buyer and appropriate title insurance is issued as outlined in the escrow policy.

    When closing is completely finished, you'll make a payment to the escrow company. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Request title research
    • Comply with the bank's standards as specified in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse payments and finalize instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow holder stays a neutral, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Request title search
    • Meet the bank's guidelines as noted in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finish instructions
    • Tell you what's best - the escrow holder stays a neutral, third-party status
    • Dispense opinions 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 easy to understand guide about the escrow process. Your particular methods may be slightly different depending on your lender and your escrow agent.

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