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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 property or your next house, I'll help you through the process. E-mail me at troypropertybroker@gmail.com .

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

     Coast to Coast Property Brokers can walk you through closing - 8505856466
    Let's talk about "escrow". To finalize the sale of a home, a neutral, third party (the escrow holder) is brought into the picture to assure the process will close properly and on time. A place is said to be in escrow when in the closing transaction, payment is secured by a third party on behalf of two parties (in this case, a buyer and a seller) when the transaction is taking place. An easy way to think of what an escrow company does is to think of how you might use PayPal for Internet purchases.

    The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are completed prior to the sale being completed.

    These are the pieces of paperwork that escrow companies usually look for:

    You're ready to close when each step of the done in escrow process. 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 is issued per the steps of your particular escrow process.

    The escrow agent receives a payment at the completion of closing. I'll keep you up-to-date on what comes next.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Petition title search
    • Comply with lender's standards as noted in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Advise you - the escrow agent stays at an impartial, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Perform a title search
    • Comply with the bank's guidelines as outlined in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finalize instructions
    • Offer advice - the escrow holder stays a neutral, third-party status
    • Dispense opinions 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. 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 ABCs of the escrow process down, you can be a informed buyer.

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