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    The Property is Almost Yours

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    Let's talk about "escrow". An escrow holder is brought on to assure your home closes on time and the money exchanging part of closing goes smoothly. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an Internet transaction, PayPal is the neutral third party that obtains the buyer's money, and then hands over the money to the seller.


    Tying up any loose ends like receiving funds, finishing forms, obtaining 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 part of the job of the escrow agent.

    These are the legal documents that escrow companies usually look to collect:

    Upon finishing of all instructions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. Title to the property is then transferred to you as new homeowner and appropriate title insurance is issued as noted in the escrow instructions.

    When closing is finished, you'll make a payment to the escrow agent. I'll keep you informed on the procedure.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Petition title inquiry
    • Comply with lender's requirements as noted in the escrow agreement
    • Intake payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other documents 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 Will Not:

    • Tell you what's best - the escrow agent stays at an impartial, third-party status
    • Give insight 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 written in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments 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 complete
    • Disburse monies and finalize instructions
    • Offer advice - the escrow company stays at an impartial, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well. Once you're familiar with the escrow process, you can be a confident buyer.                                                                                                                                        

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