Whether it's your first house or your next house, I'll advise you through the process. Contact me and I'll help you become a smart buyer.

The Property is Almost Yours

 The Virtual Real Estate Team can walk you through closing - (405) 509-5335
First, a little about "escrow". To finalize the sale of a house, a neutral, third party (the escrow company) is employed to assure the transaction will close perfectly and on time. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. A simple way to understand what an escrow company does is to think of how you might use PayPal for online purchases.

Tying up any loose ends like taking in funds, signing forms, getting the documents for loans and liens, and assuring you get a clear title to the house in preparation of your purchase gets finalized are all parts of closing in which an escrow holder is useful.

Escrow holders want to acquire the following records:

  • Loan documents
  • 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

Closing on the home happens when the steps of the escrow are finished. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. The property's title gets handed over to you and title insurance is issued per the steps of your particular escrow agreement.

When closing is completely finished, you'll pay the fees to the escrow company. I'll keep you updated on the procedure.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Perform a title research
  • Meet lender's guidelines as outlined in the escrow agreement
  • Intake payments from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other documents as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse funds and finish instructions

The Escrow Holder Will Not:

  • Tell you what's best - the escrow agent must stay at a fair, third-party status
  • Dispense opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow guidelines
  • Request title search
  • Meet the bank's guidelines as written in the escrow agreement
  • Accept payments from the buyer
  • Prorate tax, interest, insurance and other fees 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 finalize instructions
  • Tell you what's best - the escrow agent stays a neutral, third-party status
  • Dispense opinions about tax implications

Mortgage Escrow Account

Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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.

This is a quick run-down of the escrow process. Your specific methods could be slightly different depending on your lender and your escrow holder.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question


English French German Portuguese Spanish