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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 a house for the first time can be intimidating. Let me help you. E-mail me at Rob@athomerealestateco.com .

    Escrow 101

     At Home Real Estate Company can walk you through closing - (970) 203-1101
    Escrow: When you're closing on your new house, an escrow agent is used to ensure the process will close without problems 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. For example, in a Web transaction, PayPal is the neutral third party that holds the buyer's cash, and then disburses the payment to the seller.

    The escrow agent insures that all terms and conditions of the seller's and buyer's contract are completed prior to the sale being finished. This includes securing funds and records, signing required forms, and seeking out the release documents for any loans or liens that were paid off with the transaction, assuring you have a clean title to your home before the final price is fully paid.

    The records the escrow holder may collect include:

    Closing on the house takes place when all of the procedures of the escrow are complete. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. You'll then receive the title to the home and the title insurance gets dispersed as agreed upon in the escrow instructions.

    The escrow company gets a payment when the closing is complete. I'll keep you informed on the procedure.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Perform a title inquiry
    • Comply with the bank's guidelines as specified in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finish instructions

    The Escrow Holder Won't:

    • Advise you - the escrow holder must maintain a neutral, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Petition title research
    • Meet the bank's standards as specified in the escrow agreement
    • Intake payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse payments and finalize instructions
    • Give advice - the escrow agent stays a neutral, third-party status
    • Give insight about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to make payments for recurring expenses 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.

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

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