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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
  • Buying a home for the first time can be overwhelming. Let me help you. E-mail me at homeswithleah@gmail.com .

    Closing the Sale in Yukon, Oklahoma

     Homes With Leah can walk you through closing - (405) 414-2433
    Let's talk about "escrow". When you're closing on your new place, an escrow company is used to insure the process will close appropriately and in a timely manner. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. A simple way to understand the concept of what an escrow company does is to compare it to PayPal for Internet purchases.

    The escrow company makes sure that the terms and conditions of the agreement between the two parties are performed in preparation of the sale being finished.

    These are the records that escrow holders usually compile:

    You're ready to close when all steps are done in escrow process. All outstanding payments and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the house is then transferred to you as new homeowner and related title insurance is issued as noted in the escrow policy.

    When closing is done, you'll make a payment to the escrow holder. I'll keep you up-to-date on what comes next.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Request title research
    • Meet the bank's guidelines as specified in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest 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 funds and finish instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow company must stay at a fair, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Perform a title inquiry
    • Comply with the bank's standards as specified in the escrow agreement
    • Intake payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finalize instructions
    • Give advice - the escrow company must stay at a fair, third-party status
    • Dispense opinions about the outcome of your taxes

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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.

    Once you're comfortable with the escrow process, you can be a confident buyer.

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