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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 home, I'll help you through the process. Contact me.

    First-Time Home Buying: How To Close on a Property

     Carrico and Associates Realtors can walk you through closing - 9403950414
    Let's talk about "escrow". When you're closing on your new property, a neutral, third party (known as the escrow holder or the escrow agent) is used to assure the transaction will close appropriately and in a specific time frame. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an Internet transaction, PayPal is the secure third party that obtains the buyer's funds, and then hands over the funds to the seller.

    The escrow company makes sure that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being finalized. This includes securing funds and certificates, finishing required forms, and seeking out the release documents for any loans or liens that have been cleared with the transaction, assuring you have a clean title to your house before the agreed upon price is fully paid.

    Escrow companies want to acquire the following records:

    Closing on the house happens when all of the procedures of the escrow are complete. All debts and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The home's title gets transferred to you and title insurance begins per the policies of your individual escrow agreement.

    When closing is completely finished, you'll make a payment to the escrow company. As your real estate professional, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Petition title research
    • Comply with the bank's standards as written in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow agent stays a neutral, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Request title research
    • Comply with the bank's requirements as specified in the escrow agreement
    • Accept payments from the buyer
    • Prorate interest, insurance, tax and other payments 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 monies and finalize instructions
    • Offer advice - the escrow holder has to remain an impartial, third-party status
    • Offer opinions about the outcome of your taxes

    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 simple outline of the escrow process. Your particular plan might vary based on your lender and your escrow holder.

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