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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
  • Buying a house for the first time can be overwhelming. Let me help you. E-mail me at barbara@pearson-sawyer.com to get some free 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". An escrow holder is brought on to assure your property closes on time and the process goes smoothly. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. A simple way to think of what an escrow company does is to compare it to PayPal for Internet purchases.

    Settling the last details like obtaining funds, signing forms, securing the documents for loans and liens, and making sure you get a spotless title to the home prior to your purchase gets finalized are all parts of closing in which an escrow agent is useful.

    The certificates the escrow agent may collect include:

    You're ready to close when all steps are complete in escrow process. All outstanding payments and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then transferred to you as buyer and related title insurance is issued as noted in the escrow policy.

    When closing is in it's last step, you'll pay the fees to the escrow agent. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Perform a title search
    • Meet lender's requirements as noted in the escrow agreement
    • Intake funds 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 met
    • Disburse payments and finish instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow agent must stay at a fair, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Perform a title research
    • Meet lender's guidelines as specified in the escrow agreement
    • Accept funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • 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 finish instructions
    • Give advice - the escrow holder stays at an impartial, third-party status
    • Give insight about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to make payments for rolling 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.

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

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