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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
  • Whether it's your first home or your next house, I'll walk you through the process. Call me at 719-207-3884 and I'll give you more information.

    First-Time Home Buying: How To Close on a Place

     Barbara Pearson-Sawyer, GRI,ABR,SRS,SRES can walk you through closing - 719-207-3884
    First, a little about "escrow". To finalize the sale of a place, a neutral, third party (the escrow holder) is employed to assure the transaction will close correctly and on time. A place is said to be in escrow when in the closing transaction, money is secured by a third party on behalf of two parties (in this case, a buyer and a seller) when the exchange of money takes place. PayPal is a good example of an escrow company.

    Settling the last details like receiving funds, completing forms, obtaining the documents for loans and liens, and assuring you get a clear title to the home before your purchase gets finalized are all part of the job of the escrow holder.

    The certificates the escrow holder may secure include:

    You're ready to close when all steps are finished in escrow process. 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 house and the title insurance gets dispersed as stated in the escrow instructions.

    At the close of escrow, payments are submitted in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Request title search
    • Comply with the bank's requirements as outlined in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse monies and finalize instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow agent has to remain an impartial, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Request title inquiry
    • Comply with the bank's guidelines as outlined in the escrow agreement
    • Intake payments 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 are met
    • Disburse funds and finish instructions
    • Offer advice - the escrow holder must stay at a fair, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to pay rolling fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

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

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