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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 home, I'll walk you through the process. Call me at (405) 414-7000 Carol.

    Escrow 101

     Metro First Realty can walk you through closing - (405) 414-7000 Carol
    Let's talk about "escrow". An escrow agent is used to assure your property closes on time and the money exchanging part of closing goes smoothly. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. An easy way to understand what an escrow company does is to compare it to PayPal for online purchases.

    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 in preparation of your purchase gets finalized are all parts of closing in which an escrow holder is useful.

    The records the escrow holder may obtain include:

    Closing on the house happens when all of the procedures of the escrow are finished. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. Title to the property is then transferred to you as new homeowner and correct title insurance is issued as outlined in the escrow instructions.

    When closing is finished, you'll pay the fees to the escrow holder. I'll keep you informed on the next steps.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Request title search
    • Comply with lender's standards as written in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finish instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow company has to remain an impartial, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Perform a title research
    • Comply with the bank's standards as written in the escrow agreement
    • Receive 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 instructions of seller and buyer are met
    • Disburse funds and finish instructions
    • Tell you what's best - the escrow agent stays at an impartial, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    This is a simple outline of the escrow process. Your individual plan may be different depending on your bank and your escrow agent.

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