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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 keep you from becoming a homeowner. I can help you work your way through the process. E-mail me at Rob@athomerealestateco.com .

    First-Time Home Buying: Closing

     At Home Real Estate Company can walk you through closing - (970) 203-1101
    Escrow: When you're closing on your new place, an escrow holder is used to guarantee the transaction will close appropriately and in a certain amount of time. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. A simple way to think of what an escrow company does is to think of how you might use PayPal for online purchases.

    Tying up any loose ends like taking in funds, completing forms, getting the documents for loans and liens, and assuring you get a clear title to the property in preparation of your purchase gets finalized are all part of the job of the escrow agent.

    Escrow companies compile the following pieces of paperwork:

    You're ready to close when every step is done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The property's title goes to you and title insurance is issued per the steps of your individual escrow process.

    When closing is completely finished, you'll make a payment to the escrow company. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Petition title search
    • Meet lender's standards 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 paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse funds and finalize instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow holder must maintain a neutral, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Petition title inquiry
    • Meet the bank's requirements as written in the escrow agreement
    • Accept 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 are met
    • Disburse funds and finalize instructions
    • Offer advice - the escrow company stays at an impartial, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to pay rolling fees while there is a loan on the 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.

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

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