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Buying Your Next Property: Closing

 Coast to Coast Property Brokers can walk you through closing - 8505856466
Escrow: To finalize the sale of a home, a neutral, third party (the escrow holder) is employed to assure the process will close appropriately and on time. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. PayPal is a simple way to think of an escrow company.

The escrow company insures that all terms and conditions of the seller's and buyer's contract are completed prior to the sale being finalized. This includes getting monies and records, filling out required forms, and getting the release documents for any loans or liens that were cleared with the transaction, assuring you have a clean title to your property before the asking price is fully paid.

Escrow agents want to acquire the following forms:

  • Title insurance policies
  • Terms of sale and any seller-assisted financing
  • Requests for payment for various services to be paid out of escrow funds
  • Loan documents
  • Tax statements
  • Fire and other insurance policies

Upon completion of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then transferred to you as new owner and appropriate title insurance is issued as outlined in the escrow instructions.

At the close of escrow, payments of funds are made in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

  • Write escrow guidelines
  • Request title inquiry
  • Comply with the bank's requirements as noted in the escrow agreement
  • Receive payments from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are complete
  • Disburse funds and finish instructions

The Escrow Holder Won't:

  • Advise you - the escrow holder has to remain an impartial, third-party status
  • Dispense opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Request title inquiry
  • Comply with lender's standards as specified in the escrow agreement
  • Accept 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 have been finished
  • Disburse monies and finalize instructions
  • Advise you - the escrow company stays at an impartial, third-party status
  • Give insight 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

Once you have the basics of the escrow process down, you can be a confident buyer.

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