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Completing the Transaction

 Coast to Coast Property Brokers can walk you through closing - 8505856466
Escrow: To finish the sale of a place, a neutral, third party (the escrow agent) is employed to assure the transaction will close appropriately and on time. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good way to picture an escrow company.

The escrow company makes sure that the terms and conditions of the agreement between the two parties are completed prior to the sale being finalized.

Escrow agents collect the following pieces of paperwork:

  • 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 finishing of all portions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. Title to the house is then transferred to you as buyer and correct title insurance is issued as outlined in the escrow policy.

At the close of escrow, fees are paid in an acceptable form to the escrow. As your agent, I'll inform you of the acceptable way of paying.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Petition title inquiry
  • Meet the bank's guidelines as specified in the escrow agreement
  • Receive payments 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 have been met
  • Disburse monies and finalize instructions

The Escrow Holder Will Not:

  • Advise you - the escrow company stays a neutral, third-party status
  • Dispense opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Petition title inquiry
  • Meet the bank's guidelines as noted in the escrow agreement
  • Intake payments from the buyer
  • Prorate interest, insurance, tax and other payments 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 finish instructions
  • Give advice - the escrow company must stay at a fair, third-party status
  • Offer opinions about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is used to make payments for recurring expenses while there is a loan on the 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.

Now you know more about being in escrow. And, you can be a more informed home buyer and future homeowner.

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