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

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Escrow: When you're closing on your new house, an escrow holder is used to guarantee the transaction will close appropriately and in a timely manner. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good way to picture an escrow company.

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

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

  • Requests for payment for various services to be paid out of escrow funds
  • Loan documents
  • Tax statements
  • Fire and other insurance policies
  • Title insurance policies
  • Terms of sale and any seller-assisted financing

You're ready to close when every step is done in escrow process. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title gets handed over to you and title insurance is issued per the policies of your individual escrow agreement.

The escrow holder receives a payment when the closing is complete. You'll know when it's time to submit the form of payment.

The Escrow Holder Will:

  • Write escrow guidelines
  • Perform a title search
  • Meet the bank's standards as written in the escrow agreement
  • Accept payments from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse monies and finalize instructions

The Escrow Holder Will Not:

  • Advise you - the escrow holder has to remain an impartial, third-party status
  • Dispense opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Petition title inquiry
  • Comply with the bank's guidelines as written in the escrow agreement
  • Intake 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 have been finished
  • Disburse funds and finish instructions
  • Offer advice - the escrow company must stay at a fair, third-party status
  • Dispense opinions about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is used to pay recurring fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

This is a easy to understand guide about the escrow process. Your specific process may be different based on your bank and your escrow holder.

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