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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 educate you through the process. Contact me and I'll help you become a smart buyer.

    I'll Champion for You Through Closing

     Metro First Realty can walk you through closing - (405) 414-7000 Carol
    Let's talk about "escrow". An escrow company is brought on to assure your home closes on time and the closing process goes smoothly. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an online auction, PayPal is the secure third party that obtains the buyer's money, and then hands over the funds to the seller.

    The escrow holder insures that all terms and conditions of the seller's and buyer's contract are reached prior to the sale being completed. This includes securing 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 free title to your home before the agreed upon price is fully paid.

    These are the documents that escrow holders usually compile:

    Upon completion of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then transferred to you as new owner and appropriate title insurance is issued as outlined in the escrow instructions.

    When closing is completed, you'll submit a payment to the escrow company. I'll keep you informed on the next steps.

    The Escrow Holder Will:

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

    The Escrow Holder Won't:

    • Advise you - the escrow holder has to remain an impartial, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Request title search
    • Meet the bank's requirements as specified in the escrow agreement
    • Intake payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse funds and finalize instructions
    • Offer advice - the escrow agent has to remain an impartial, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to make payments for recurring expenses while there is a loan on the 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 individual methods may be unique based on your lender and your escrow holder.

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