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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 become knowledgeable about the process. Call me at (405) 509-5335 and I'll give you more information.

    What To Expect When You're Closing in Oklahoma City, Oklahoma

     The Virtual Real Estate Team can walk you through closing - (405) 509-5335
    First, a little about "escrow". To close the sale of a house, a neutral, third party (the escrow agent) is brought into the picture to assure the process will close perfectly and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a simple way to think of an escrow company.

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

    Escrow holders look for the following forms:

    Upon completion 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). Title to the house is then transferred to you as now current homeowner and related title insurance is issued as noted in the escrow instructions.

    When closing is finished, you'll pay the fees to the escrow company. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Petition title research
    • Comply with lender's requirements as noted in the escrow agreement
    • Intake payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse funds and finalize instructions

    The Escrow Holder Won't:

    • Give advice - the escrow agent stays at an impartial, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Request title inquiry
    • Comply with lender's standards as written in the escrow agreement
    • Intake funds 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 instructions of seller and buyer have been finished
    • Disburse payments and finish instructions
    • Offer advice - the escrow holder must maintain a neutral, third-party status
    • Give insight about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to make payments for on-going fees 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.

    Once you have the rules of the escrow process down, you can be a confident buyer.

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