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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 place or your next home, I'll help you through the process. Contact me and I'll help you become a smart buyer.

    Completing the Transaction

     Homes With Leah can walk you through closing - (405) 414-2433
    Let's talk about "escrow". An escrow holder is brought on to assure your place closes on time and the money exchanging part of closing goes smoothly. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. An easy way to think of what an escrow company does is to think of how you might use PayPal for Internet purchases.

    Tying up any loose ends like taking in funds, finishing forms, obtaining the documents for loans and liens, and making sure you get a spotless title to the house before your purchase gets finalized are all parts of closing in which an escrow agent is useful.

    Escrow agents compile the following forms:

    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 house is then transferred to you as new owner and correct title insurance is issued as outlined in the escrow instructions.

    When closing is completed, you'll make a payment to the escrow agent. As your agent, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

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

    The Escrow Holder Will Not:

    • Advise you - the escrow company has to remain an impartial, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Perform a title search
    • Meet the bank's guidelines as noted in the escrow agreement
    • Accept funds from the buyer
    • Prorate interest, insurance, tax and other payments 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 have been finished
    • Disburse monies and finalize instructions
    • Offer advice - the escrow agent has to remain an impartial, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to make payments for rolling fees 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.

    This is a quick run-down of the escrow process. Your individual process will vary based on your lender and your escrow holder.

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