(405) 414-7000 Carol (405) 414-7000 Carol Edmond, Oklahoma, Edmond, how to choose a real estate agent, getting a real estate agent, picking a real estate agent, real estate professional, homeowner, home buyer, home sales, buying a house, buying a house in Edmond, buying a house in Edmond, buying a house in Oklahoma, real estate agent in Edmond, real estate agent in Edmond, real estate agent in Oklahoma, finding a real estate agent in Edmond, finding a real estate agent in Edmond, finding a real estate agent in Oklahoma, buying houses, buying homes, selling homes, selling houses, Metro First Realty, things to look for when buying a home, how to buy a house, house hunting, home buying tip, home buying help, find a home to buy, home buying questions, home buying advice, home buying, home buying checklist, escrow, being in escrow, escrow agent, escrow fees, closing on a house, escrow companies
  • 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
  • Purchasing real estate for the first time can be confusing. I can help. Call me at (405) 414-7000 Carol and I'll give all the info you'll need to move forward.

    What is Escrow?

     Metro First Realty can walk you through closing - (405) 414-7000 Carol
    Let's talk about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is brought on to assure your home closes on time and the closing process goes smoothly. Escrow holders hold money for "safe-keeping" in an exchange between a buyer and seller. An everyday way to understand what an escrow company does is to think of the use of PayPal for Internet purchases.

    The escrow holder makes sure that all terms and conditions of the seller's and buyer's agreement are performed prior to the sale being completed. This includes receiving funds and certificates, signing required forms, and getting the release documents for any loans or liens that were cleared with the transaction, assuring you have a clear title to your home before the agreed upon price is fully paid.

    These are the legal forms that escrow holders usually look to collect:

    Upon finishing of all instructions of the escrow, closing can take place. All debts and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then secure the title to the property and the title insurance gets dispersed as outlined in the escrow instructions.

    At the close of escrow, payments of funds are made in an acceptable form to the escrow. I'll keep you updated on the procedure.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Request title inquiry
    • Meet lender's standards as specified in the escrow agreement
    • Intake funds 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 finished
    • Disburse monies and finalize instructions

    The Escrow Holder Won't:

    • Tell you what's best - 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:
    • Assemble escrow instructions
    • Perform a title search
    • Comply with the bank's guidelines as specified in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse monies and finish instructions
    • Advise you - the escrow company has to remain an impartial, 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Once you're at ease with the escrow process, you can be a better buyer.

    Got a Question?

    Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

    Your Information
    Your Question