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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 place or your next place, I'll help you through the process. E-mail me at joe@joepryor.com .

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

     The Virtual Real Estate Team can walk you through closing - (405) 509-5335
    Escrow: When you're closing on your new home, a neutral, third party (known as the escrow holder or the escrow agent) is used to guarantee the transaction will close properly and in a certain amount of time. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good way to picture an escrow company.

    Settling the last details like obtaining funds, finishing forms, getting the documents for loans and liens, and assuring you get a clean title to the home in preparation of your purchase gets finalized are all part of the job of the escrow company.

    These are the documents that escrow companies usually compile:

    Closing on the home happens when all of the procedures of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the house and the title insurance gets dispersed as outlined in the escrow instructions.

    The escrow company gets a payment when the closing is complete. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Petition title search
    • Meet lender's standards as written 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
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse payments and finish instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow company has to remain an impartial, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Perform a title research
    • Comply with lender's requirements as noted in the escrow agreement
    • Intake payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse monies and finish instructions
    • Give advice - the escrow company must stay at a fair, 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 being in escrow. And, you can be a more confident home buyer and future homeowner.

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