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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
  • The process of buying property for the first time can be intimidating. I can help. E-mail me at budandcarol@budandcarol.com to get some free information.

    The Property is Almost Yours

     Metro First Realty can walk you through closing - (405) 414-7000 Carol
    Escrow: When you're closing on your new home, an escrow agent is used to guarantee the process will close without problems and on time. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. A simple way to understand the concept of what an escrow company does is to compare it to PayPal for online purchases.

    Settling the last details like taking in funds, finishing forms, obtaining the documents for loans and liens, and assuring you get a clean title to the home prior to your purchase gets finalized are all parts of closing in which an escrow company is useful.

    The documents the escrow company may collect include:

    Closing on the property happens when all of the procedures of the escrow are finished. All payments owed and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title is given to you and title insurance begins per the policies of your particular escrow agreement.

    When closing is completed, you'll submit a payment to the escrow agent. I'll keep you updated on what comes next.

    The Escrow Holder Will:

    • Write escrow instructions
    • Perform a title research
    • Comply with the bank's requirements as written in the escrow agreement
    • Accept payments 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 have been met
    • Disburse monies and finish instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow agent must stay at a fair, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Perform a title inquiry
    • Comply with lender's requirements as noted in the escrow agreement
    • Accept funds 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 are met
    • Disburse funds and finish instructions
    • Offer advice - the escrow agent stays a neutral, third-party status
    • Give insight about future tax estimations

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    Once you have the basics of the escrow process down, you can be a more assured buyer.

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