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Closing the Sale in Oklahoma City

 The Virtual Real Estate Team can walk you through closing - (405) 509-5335
Let's talk about "escrow". When you're closing on your new place, a neutral, third party (known as the escrow holder or the escrow agent) is used to make sure the process will close correctly and in a specific time frame. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. For example, in an Internet auction, PayPal is the reliable third party that obtains the buyer's payment, and then sends the payment to the seller.

Tying up any loose ends like obtaining funds, signing forms, obtaining the documents for loans and liens, and making sure you get a clear title to the house prior to your purchase gets finalized are all part of the job of the escrow company.

The pieces of paperwork the escrow company may secure include:

  • 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
  • Loan documents
  • Tax statements

You're ready to close when every step is done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. You'll then obtain the title to the property and the title insurance gets issued as stated in the escrow instructions.

At the close of escrow, payments of funds are made in an acceptable form to the escrow. I'll keep you updated on the procedure.

The Escrow Holder Will:

  • Write escrow instructions
  • Petition title search
  • Meet lender's requirements as specified in the escrow agreement
  • Receive payments from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are complete
  • Disburse payments and finalize instructions

The Escrow Holder Will Not:

  • Advise you - the escrow company must stay at a fair, third-party status
  • Dispense opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Petition title research
  • Comply with the bank's standards as outlined in the escrow agreement
  • Intake payments 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 terms of agreement of seller and buyer are complete
  • Disburse funds and finish instructions
  • Tell you what's best - the escrow company must stay at a fair, third-party status
  • Offer opinions 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. 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 informed home buyer and future homeowner.

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