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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 home for the first time can be confusing. Let me help you. E-mail me at joe@joepryor.com .

    Completing the Transaction

     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 house, 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 timely manner. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in a Web transaction, PayPal is the secure third party that obtains the buyer's funds, and then sends the money to the seller.

    Tying up any loose ends like receiving funds, signing forms, getting the documents for loans and liens, and making sure you get a spotless title to the property in preparation of your purchase gets finalized are all part of the job of the escrow agent.

    These are the documents that escrow companies usually look for:

    Closing on the house happens when the steps of the escrow are complete. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. You'll then obtain the title to the home and the title insurance gets dispersed as stated in the escrow instructions.

    At the close of escrow, fees are paid in an acceptable form to the escrow. As your agent, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Petition title inquiry
    • Meet lender's requirements as specified in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse funds and finish instructions

    The Escrow Holder Won't:

    • Advise you - the escrow company stays a neutral, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Perform a title inquiry
    • Comply with lender's requirements as written in the escrow agreement
    • Accept funds 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 instructions of seller and buyer are complete
    • Disburse monies and finish instructions
    • Tell you what's best - the escrow holder has to remain an impartial, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to pay recurring fees while there is a loan on the 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.

    Once you're familiar with the escrow process, you can be a better buyer.

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