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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 real estate industry jargon prevent you from becoming a homeowner. I can help you become knowledgeable about the process. Call me at (405) 509-5335.

    The House is Almost Yours

     The Virtual Real Estate Team can walk you through closing - (405) 509-5335
    First, a little about "escrow". To complete the sale of a house, a neutral, third party (the escrow holder) is employed to assure the transaction will close correctly and on time. Escrow holders hold money for "safe-keeping" in an exchange between a buyer and seller. For example, in a Web transaction, PayPal is the secure third party that obtains the buyer's money, and then disburses the funds to the seller.

    The escrow holder makes sure that the terms and conditions of the agreement between the two parties are reached in preparation of the sale being finalized.

    The documents the escrow company may secure include:

    Closing on the property happens when the steps of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then given to you as buyer and correct title insurance is issued as outlined in the escrow policy.

    When closing is done, you'll make a payment to the escrow holder. I'll keep you up-to-date on the next steps.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Perform a title inquiry
    • Meet lender's standards as outlined in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • 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 monies and finish instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow company has to remain an impartial, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Request title research
    • Meet the bank's standards as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest 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 finalize instructions
    • Advise you - the escrow agent stays a neutral, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    Now you know more about how to close on your future home. And, you can be a better informed home buyer and future homeowner.

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