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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 scare you from becoming a homeowner. I can help you work your way through the process. Call me at (970) 203-1101.

    Steps to Closing on a Property

     At Home Real Estate Company can walk you through closing - (970) 203-1101
    First, a little about "escrow". To finalize the sale of a place, a neutral, third party (the escrow agent) is employed to assure the transaction will close appropriately and on time. Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller. For example, in a Web transaction, PayPal is the neutral third party that obtains the buyer's money, and then hands over the funds to the seller.

    Tying up any loose ends like receiving funds, signing forms, getting the documents for loans and liens, and assuring you get a clean title to the property prior to your purchase gets finalized are all parts of closing in which an escrow company is useful.

    The pieces of paperwork the escrow company may secure include:

    Upon completion of all portions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. Title to the home is then given to you as new owner and appropriate title insurance is issued as noted in the escrow policy.

    At the close of escrow, payments of funds are made in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Perform a title research
    • Comply with lender's requirements as noted in the escrow agreement
    • Accept funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse monies and finalize instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow agent stays a neutral, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Perform a title inquiry
    • Comply with lender's requirements as outlined in the escrow agreement
    • Accept funds 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 met
    • Disburse payments and finalize instructions
    • Give advice - the escrow agent stays a neutral, third-party status
    • Offer opinions 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    This is a easy to understand guide about the escrow process. Your individual plan could be slightly different depending on your lender and your escrow company.

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