Whether it's your first place or your next property, I'll advise you through the process. E-mail me at homeswithleah@gmail.com .

Completing the Transaction

 Homes With Leah can walk you through closing - (405) 414-2433
Escrow: A neutral, third party (known as the escrow holder or the escrow agent) is used to assure your place closes on time and the transaction goes smoothly. A house is said to be in escrow when in the closing transaction, funds is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the exchange of money takes place. An everyday way to understand what an escrow company does is to think of the use of PayPal for online purchases.

The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are reached prior to the sale being completed.

Escrow companies want to acquire the following records:

  • 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 completion 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 taken. Title to the home is then given to you as new owner and appropriate title insurance is issued as outlined in the escrow instructions.

At the close of escrow, 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 guidelines
  • Petition title research
  • Comply with lender's guidelines as written in the escrow agreement
  • Accept funds from the buyer
  • Prorate insurance, tax, interest and other payments 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 finish instructions

The Escrow Holder Won't:

  • Offer advice - the escrow holder stays at an impartial, third-party status
  • Offer opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Perform a title inquiry
  • Comply with lender's guidelines as outlined in the escrow agreement
  • Intake funds from the buyer
  • Prorate interest, insurance, tax and other payments 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 finished
  • Disburse funds and finish instructions
  • Tell you what's best - the escrow company has to remain an impartial, third-party status
  • Dispense opinions about the outcome of your taxes

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

This is a quick run-down of the escrow process. Your specific process may be slightly different based on your lender and your escrow company.

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