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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 the unknown prevent you from becoming a homeowner. I can help you work your way through the process. E-mail me at heidi4re@gmail.com .

    First-Time Home Buying: Closing

     Scenic Hills Realty can walk you through closing - 661-373-9973
    First, a little about "escrow". To finalize the sale of a property, a neutral, third party (the escrow agent) is employed to assure the process will close appropriately and on time. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good way to picture an escrow company.

    The escrow company 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 getting payments and certificates, signing required forms, and obtaining the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a clean title to your home before the asking price is fully paid.

    These are the legal documents that escrow agents usually compile:

    Closing on the property takes place when all of the procedures of the escrow are finished. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. You'll then secure the title to the house and the title insurance gets dispersed as noted in the escrow instructions.

    The escrow holder gets a payment at the completion of closing. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Write escrow instructions
    • Request title search
    • Meet lender's standards as written in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse monies and finalize instructions

    The Escrow Holder Will Not:

    • Advise you - 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:
    • Write escrow instructions
    • Request title research
    • Comply with the bank's standards as noted in the escrow agreement
    • Intake funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse monies and finish instructions
    • Offer advice - the escrow holder has to remain an impartial, third-party status
    • Give insight about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to make payments for rolling expenses while there is a loan on the house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    This is a easy to understand guide about the escrow process. Your particular plan may be unique depending on your lender and your escrow company.

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