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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. Contact me and I'll make sure you're a empowered buyer.

    What To Expect When You're Closing in Oklahoma City

     The Virtual Real Estate Team can walk you through closing - (405) 509-5335
    First, a little about "escrow". An escrow holder is brought on to assure your home closes on time and the process goes smoothly. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. An easy way to understand the concept of what an escrow company does is to think of how you might use PayPal for online purchases.

    The escrow holder makes sure that all terms and conditions of the seller's and buyer's agreement are performed prior to the sale being completed. This includes receiving monies and paperwork, completing required forms, and obtaining the release documents for any loans or liens that were cleared with the transaction, assuring you have a free title to your home before the agreed upon price is fully paid.

    Escrow companies collect the following forms:

    You're ready to close when every step is complete in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The house's title goes to you and title insurance is issued per the policies of your particular escrow process.

    When closing is finished, you'll submit a payment to the escrow company. As your real estate agent, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Perform a title inquiry
    • Comply with the bank's standards as noted in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse funds and finish instructions

    The Escrow Holder Won't:

    • Give advice - the escrow holder must stay at a fair, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Request title search
    • Comply with the bank's standards as outlined in the escrow agreement
    • Receive 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 terms of agreement of seller and buyer have been finished
    • Disburse funds and finish instructions
    • Offer advice - the escrow holder must maintain a neutral, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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 simple outline of the escrow process. Your particular plan may be slightly different based on your lender and your escrow holder.

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