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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
  • Whether it's your first place or your next place, I'll help you through the process. Call me at (970) 203-1101 and I'll give you more information.

    Closing the Sale in Loveland, Colorado

     At Home Real Estate Company can walk you through closing - (970) 203-1101
    First, a little about "escrow". To finish the sale of a home, a neutral, third party (the escrow holder) is brought into the picture to assure the transaction will close appropriately and on time. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. For example, in an Internet purchase, PayPal is the neutral third party that holds the buyer's payment, and then disburses the funds to the seller.

    The escrow holder makes sure that the terms and conditions of the agreement between the two parties are reached prior to the sale being finalized.

    The pieces of paperwork the escrow agent may collect include:

    Upon completion of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then given to you as new owner and appropriate title insurance is issued as outlined in the escrow policy.

    When closing is completed, you'll pay the fees to the escrow agent. As your real estate professional, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Perform a title inquiry
    • Meet the bank's requirements as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate tax, interest, insurance and other fees 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 finalize instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow company must maintain a neutral, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Perform a title inquiry
    • Comply with the bank's standards as written in the escrow agreement
    • Intake payments from the buyer
    • Prorate interest, insurance, tax and other payments 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 monies and finish instructions
    • Advise you - the escrow agent has to remain an impartial, third-party status
    • Offer opinions about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to make payments for 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.

    Now you know more about being in escrow. And, you can be a more informed home buyer and future homeowner.

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