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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
  • Buying a house for the first time can be overwhelming. I can help. Call me at (405) 509-5335.

    First-Time Home Buying: How To Close on a Home

     The Virtual Real Estate Team can walk you through closing - (405) 509-5335
    Escrow: To finish the sale of a property, a neutral, third party (the escrow company) is employed to assure the transaction 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. For example, in an Internet transaction, PayPal is the secure third party that obtains the buyer's money, and then hands over the money to the seller.

    The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are completed prior to the sale being completed.

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

    Upon finishing of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then transferred to you as new homeowner and correct title insurance is issued as noted in the escrow policy.

    At the close of escrow, fees are paid in an acceptable form to the escrow. I'll keep you updated on the next steps.

    The Escrow Holder Will:

    • Write escrow instructions
    • Request title search
    • Comply with the bank's guidelines as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest 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 funds and finish instructions

    The Escrow Holder Won't:

    • Advise you - the escrow company must stay at a fair, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Request title inquiry
    • Meet the bank's requirements as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax 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 complete
    • Disburse funds and finish instructions
    • Tell you what's best - the escrow agent must maintain a neutral, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to pay recurring fees while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    This is a quick run-down of the escrow process. Your individual process may vary based on your lender and your escrow agent.

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