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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 intimidating. I can help. Contact me and I'll help you become a well-informed buyer.

    What is Escrow?

     Homes With Leah can walk you through closing - (405) 414-2433
    Let's talk about "escrow". When you're closing on your new house, an escrow agent is used to make sure the transaction will close correctly and on time. A house is said to be in escrow when in the closing transaction, money is secured by a third party on behalf of a buyer and a seller when the transaction is taking place. For example, in an online purchase, PayPal is the reliable third party that holds the buyer's cash, and then hands over the payment to the seller.

    The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached prior to the sale being finalized.

    Escrow companies look for the following forms:

    Upon completion of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. The home's title goes to you and title insurance begins per the policies of your particular escrow agreement.

    The escrow agent receives a payment at the completion of closing. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Petition title inquiry
    • Comply with the bank's requirements as noted in the escrow agreement
    • Receive funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Advise you - the escrow company must stay at a fair, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Petition title search
    • Meet the bank's requirements as outlined in the escrow agreement
    • Accept 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 are complete
    • Disburse payments and finish instructions
    • Advise you - the escrow company has to remain an impartial, third-party status
    • Give insight about tax implications

    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.

    This is a quick run-down of the escrow process. Your specific plan may vary based on your bank and your escrow holder.

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