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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 keep you from becoming a homeowner. I can help you become knowledgeable about the process. Contact me and I'll help you become a smart buyer.

    Escrow 101

     Coast to Coast Property Brokers can walk you through closing - 8505856466
    Let's talk about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is brought on to assure your home closes on time and the money exchanging part of closing goes smoothly. A property is said to be in escrow when in the closing transaction, money is held by a third party on behalf of two parties when the transaction is taking place. PayPal is a simple way to think of an escrow company.

    The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's contract are reached prior to the sale being finished. This includes receiving funds and records, finishing required forms, and getting the release documents for any loans or liens that have been paid with the transaction, assuring you have a clear title to your home before the purchase price is fully paid.

    The records the escrow company may collect include:

    Upon completion of all portions of the escrow, closing can take place. All outstanding payments and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the house is then transferred to you as buyer and correct title insurance is issued as noted in the escrow instructions.

    The escrow agent gets a payment when the closing is complete. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Request title research
    • Meet the bank's standards as written in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • 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 payments and finish instructions

    The Escrow Holder Will Not:

    • 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:
    • Prepare escrow instructions
    • Perform a title research
    • Comply with the bank's requirements as specified in the escrow agreement
    • Intake payments from the buyer
    • Prorate interest, insurance, tax 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 finish instructions
    • Advise you - the escrow holder has to remain an impartial, 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    This is a easy to understand guide about the escrow process. Your specific plan may vary depending on your bank and your escrow agent.

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