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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 home, I'll educate you through the process. Contact me and I'll make sure you're a confident buyer.

    First-Time Home Buying: Closing

     Charles Burt Homefolks can walk you through closing - 417-358-6088
    Let's talk about "escrow". An escrow agent is used to assure your house closes on time and the money exchanging part of closing goes smoothly. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. An easy way to understand the concept of what an escrow company does is to think of how you might use PayPal for online purchases.

    Settling the last details like obtaining funds, signing forms, getting the documents for loans and liens, and assuring you get a clear title to the house prior to your purchase gets finalized are all parts of closing in which an escrow agent is useful.

    Escrow companies want to obtain the following records:

    Closing on the home happens when all of the procedures of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. You'll then get the title to the home and the title insurance gets dispersed as stated in the escrow instructions.

    When closing is finished, you'll pay the fees to the escrow holder. As your REALTOR, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Request title search
    • Meet the bank's requirements as noted in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse monies and finish instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow company 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 instructions
    • Petition title inquiry
    • Meet the bank's guidelines as specified in the escrow agreement
    • Intake payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • 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 finalize instructions
    • Give advice - the escrow agent stays a neutral, third-party status
    • Offer opinions about future tax estimations

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    This is a easy to understand guide about the escrow process. Your specific methods will be different based on your lender and your escrow agent.

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