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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 inexperience with the real estate industry scare you from becoming a homeowner. I can help you become knowledgeable about the process. E-mail me at homeswithleah@gmail.com to get some free information.

    Steps to Closing on a Property

     Homes With Leah can walk you through closing - (405) 414-2433
    First, a little about "escrow". To finish the sale of a property, a neutral, third party (the escrow company) is engaged to assure the process will close appropriately and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an online transaction, PayPal is the neutral third party that holds the buyer's cash, and then sends the funds to the seller.

    Tying up any loose ends like taking in funds, signing forms, obtaining the documents for loans and liens, and making sure you get a clean title to the property in preparation of your purchase gets finalized are all part of the job of the escrow holder.

    Escrow agents compile the following documents:

    You're ready to close when all steps are finished in escrow process. All debts and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The house's title goes to you and title insurance is issued per the steps of your particular escrow agreement.

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

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Perform a title search
    • Meet the bank's standards as outlined in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse payments and finish instructions

    The Escrow Holder Won't:

    • Advise you - the escrow agent must stay at a fair, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Petition title inquiry
    • Meet the bank's standards as outlined in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse monies and finish instructions
    • Tell you what's best - the escrow agent must maintain a neutral, third-party status
    • Give insight 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 rules of the escrow process down, you can be a more assured buyer.

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