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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 real estate industry jargon keep you from becoming a homeowner. I can help you become knowledgeable about the process. E-mail me at homefolk@charlesburt.com to get some free information.

    Escrow 101

     Charles Burt Homefolks can walk you through closing - 417-358-6088
    First, a little about "escrow". When you're closing on your new place, an escrow agent is used to make sure the process will close without problems and on time. When money 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 secure third party that obtains the buyer's cash, and then disburses the funds to the seller.

    Clearing the final hurdles like obtaining funds, completing forms, securing the documents for loans and liens, and assuring you get a clean title to the home prior to your purchase gets finalized are all part of the job of the escrow company.

    The pieces of paperwork the escrow agent may obtain include:

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

    When closing is finished, you'll make a payment to the escrow agent. As your real estate agent, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Request title inquiry
    • Meet the bank's requirements as noted in the escrow agreement
    • Intake funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse payments and finish instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow holder must stay at a fair, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Request title inquiry
    • Meet the bank's standards as written in the escrow agreement
    • Intake payments from the buyer
    • Prorate tax, interest, insurance and other fees 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 have been finished
    • Disburse funds and finish instructions
    • Advise you - the escrow agent has to remain an impartial, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to make payments for rolling expenses while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

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

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