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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
  • 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 well-informed buyer.

    Buying Your Next Property: Closing

     Metro Properties can walk you through closing - 800-252-6633
    First, a little about "escrow". An escrow agent is brought on to assure your property closes on time and the transaction goes smoothly. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an Internet auction, PayPal is the neutral third party that obtains the buyer's payment, and then sends the payment to the seller.

    The escrow company is careful to assure that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being finished. This includes receiving funds and certificates, completing required forms, and seeking out the release documents for any loans or liens that were cleared with the transaction, assuring you have a clean title to your house before the agreed upon price is fully paid.

    The pieces of paperwork the escrow holder may collect include:

    You're ready to close when all steps are complete in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. Title to the home is then transferred to you as now current homeowner and appropriate title insurance is issued as noted in the escrow instructions.

    The escrow holder gets a payment at the completion of closing. As your REALTOR, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Request title inquiry
    • Comply with the bank's guidelines as written in the escrow agreement
    • Intake funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Advise you - the escrow holder stays a neutral, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Perform a title research
    • Meet lender's guidelines as written in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest 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 monies and finish instructions
    • Offer advice - the escrow company must stay at a fair, third-party status
    • Give insight about future tax estimations

    Mortgage Escrow Account

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

    This is a easy to understand guide about the escrow process. Your particular methods might vary depending on your bank and your escrow agent.

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