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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 keep 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: How To Close on a Property

     Scenic Hills Realty can walk you through closing - 661-373-9973
    Let's talk about "escrow". To close the sale of a home, a neutral, third party (the escrow holder) is brought into the picture to assure the process will close properly and on time. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. For example, in an Internet purchase, PayPal is the neutral third party that obtains the buyer's funds, and then hands over the funds to the seller.

    The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are met in preparation of the sale being finalized.

    The documents the escrow holder may obtain include:

    Upon completion 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 paid out. The house's title gets transferred to you and title insurance is issued per the policies of your particular escrow agreement.

    At the close of escrow, in an acceptable form to the escrow. As your real estate professional, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Perform a title search
    • Meet the bank's requirements as specified 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 have been finished
    • Disburse funds and finish instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow holder stays a neutral, 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 lender's guidelines as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse payments and finalize instructions
    • Tell you what's best - the escrow agent must maintain a neutral, third-party status
    • Give insight about the outcome of your taxes

    Mortgage Escrow Account

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

    Now you know more about how to close on your future home. And, you can be a smarter home buyer and future homeowner.

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