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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 property or your next place, I'll educate you through the process. E-mail me at heidi4re@gmail.com to get some free information.

    Steps to Closing on a Home

     Scenic Hills Realty can walk you through closing - 661-373-9973
    Let's talk about "escrow". To finish the sale of a property, a neutral, third party (the escrow company) is employed to assure the process will close properly and on time. Escrow companies hold money for "safe-keeping" in transactions between a buyer and seller. An easy way to think of what an escrow company does is to think of how you might use PayPal for Internet purchases.

    Settling the last details like receiving funds, completing forms, securing the documents for loans and liens, and making sure you get a clean title to the house in preparation of your purchase gets finalized are all part of the job of the escrow holder.

    Escrow holders collect the following pieces of paperwork:

    Upon finishing of all instructions of the escrow, closing can take place. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then secure the title to the house and the title insurance gets dispersed as stated in the escrow instructions.

    When closing is done, 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 instructions
    • Request title research
    • Meet the bank's standards as noted in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other legal 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:

    • Tell you what's best - the escrow agent must stay at a fair, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Petition title search
    • Comply with the bank's guidelines as written in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • 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
    • Offer advice - the escrow holder has to remain an impartial, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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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