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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
  • The process of buying real estate for the first time can be confusing. Let me help you. E-mail me at agent@alamode.com .

    Escrow 101

     Metro Properties can walk you through closing - 800-252-6633
    First, a little about "escrow". When you're closing on your new house, an escrow holder is used to guarantee the transaction will close correctly and on 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 simple way to think of an escrow company.

    The escrow company makes sure that the terms and conditions of the agreement between the two parties are met in preparation of the sale being finished.

    These are the legal forms that escrow holders usually look to collect:

    Closing on the home takes place when the steps of the escrow are complete. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. The house's title gets transferred to you and title insurance begins per the policies of your individual escrow process.

    When closing is completed, you'll pay the fees to the escrow company. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Perform a title search
    • Meet the bank's requirements as outlined in the escrow agreement
    • Intake 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 instructions of seller and buyer are complete
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow holder must maintain a neutral, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Request title search
    • Meet the bank's guidelines as noted in the escrow agreement
    • Receive 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 payments and finalize instructions
    • Tell you what's best - the escrow agent stays a neutral, third-party status
    • Offer opinions about future tax estimations

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

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

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