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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
  • The process of buying real estate for the first time can be overwhelming. Let me help you. Call me at (970) 203-1101 and I'll give help you obtain the house you want.

    What is Escrow?

     At Home Real Estate Company can walk you through closing - (970) 203-1101
    Escrow: An escrow agent is hired to assure your property closes on time and the closing process goes smoothly. A place 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 easy way to think of what an escrow company does is to compare it to PayPal for online purchases.

    The escrow holder insures that all terms and conditions of the seller's and buyer's contract are completed prior to the sale being completed. This includes receiving funds and paperwork, signing required forms, and obtaining the release documents for any loans or liens that are to be paid with the transaction, assuring you have a free title to your home before the negotiated price is fully paid.

    The records the escrow company may collect include:

    Upon completion of all portions of the escrow, closing can take place. All debts and fees are taken 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 now current homeowner and related title insurance is issued as outlined in the escrow policy.

    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 guidelines
    • Request title search
    • Meet the bank's standards as outlined in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax 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 have been finished
    • Disburse funds and finish instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow holder stays a neutral, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Perform a title search
    • Comply with lender's guidelines as noted in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest 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 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Once you have the rules of the escrow process down, you can be a confident buyer.

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