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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 the unknown scare you from becoming a homeowner. I can help you work your way through the process. Call me at (405) 414-2433.

    What To Expect When You're Closing in Yukon, Oklahoma

     Homes With Leah can walk you through closing - (405) 414-2433
    Escrow: When you're closing on your new place, a neutral, third party (known as the escrow holder or the escrow agent) is used to make certain the process will close appropriately and in a certain amount of time. Escrow holders hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an online transaction, PayPal is the neutral third party that holds the buyer's money, and then sends the money to the seller.

    Clearing the final hurdles like receiving funds, signing forms, obtaining the documents for loans and liens, and assuring you get a spotless title to the property in preparation of your purchase gets finalized are all parts of closing in which an escrow company is useful.

    These are the records that escrow companies usually look to collect:

    You're ready to close when all parts are done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the house and the title insurance gets dispersed as outlined in the escrow instructions.

    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:

    • Write escrow guidelines
    • Perform a title research
    • Meet the bank's requirements as written 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 instructions of seller and buyer have been met
    • Disburse payments and finish instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow company must maintain a neutral, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Perform a title inquiry
    • Comply with lender's requirements as written in the escrow agreement
    • Accept payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse funds and finish instructions
    • Tell you what's best - the escrow holder stays at an impartial, third-party status
    • Give insight 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. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

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

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