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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
  • Buying real estate for the first time can be overwhelming. I can help. E-mail me at budandcarol@budandcarol.com .

    What To Expect When You're Closing in Edmond, Oklahoma

     Metro First Realty can walk you through closing - (405) 414-7000 Carol
    Escrow: To finalize the sale of a house, a neutral, third party (the escrow company) is brought into the picture to assure the transaction will close perfectly and on time. A place is said to be in escrow when in the closing process, payment is secured by a third party on behalf of two parties when the transaction is taking place. An easy way to understand what an escrow company does is to think of the use of PayPal for online purchases.

    Settling the last details like taking in funds, finishing forms, getting the documents for loans and liens, and making sure you get a spotless title to the house before your purchase gets finalized are all part of the job of the escrow company.

    Escrow agents compile the following forms:

    Closing on the home takes place when the steps of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. You'll then receive the title to the house and the title insurance gets issued as agreed upon in the escrow instructions.

    The escrow holder receives a payment when the closing is complete. I'll keep you up-to-date on the procedure.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Petition title search
    • Comply with lender's standards as specified in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse funds and finalize instructions

    The Escrow Holder Won't:

    • Advise you - the escrow company has to remain an impartial, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Petition title inquiry
    • Comply with the bank's guidelines as specified in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse payments and finish instructions
    • Give advice - the escrow company stays at an impartial, third-party status
    • Offer opinions about tax implications

    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.

    Once you're comfortable with the escrow process, you can be a informed buyer.

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