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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 property or your next place, I'll walk you through the process. E-mail me at homefolk@charlesburt.com to get some free information.

    What is Escrow?

     Charles Burt Homefolks can walk you through closing - 417-358-6088
    Let's talk about "escrow". To close the sale of a home, a neutral, third party (the escrow agent) is employed to assure the transaction will close appropriately and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good way to picture an escrow company.

    The escrow company insures that all terms and conditions of the seller's and buyer's agreement are completed prior to the sale being finished. This includes getting monies and certificates, filling out required forms, and seeking out the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a clear title to your house before the negotiated price is fully paid.

    Escrow agents compile the following pieces of paperwork:

    Closing on the house takes place when the steps of the escrow are complete. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. The house's title goes to you and title insurance begins per the policies of your individual escrow process.

    The escrow agent receives a payment when the closing is complete. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Request title research
    • Meet lender's standards as written in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse payments and finish instructions

    The Escrow Holder Won't:

    • Give advice - the escrow holder must stay at a fair, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Petition title search
    • Comply with the bank's guidelines as written in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse monies and finish instructions
    • Tell you what's best - the escrow company must maintain a neutral, third-party status
    • Dispense opinions about the outcome of your taxes

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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.

    This is a easy to understand guide about the escrow process. Your particular methods may be unique depending on your lender and your escrow company.

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