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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
  • Don't let real estate industry jargon prevent you from becoming a homeowner. I can help you work your way 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". To finalize the sale of a house, a neutral, third party (the escrow holder) is brought into the picture to assure the process will close correctly and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. An easy way to understand the concept of what an escrow company does is to compare it to PayPal for online purchases.

    The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are performed in preparation of the sale being completed.

    These are the documents that escrow holders usually compile:

    You're ready to close when all parts are complete in escrow process. All debts and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The house's title gets handed over to you and title insurance begins per the policies of your particular escrow process.

    The escrow holder gets a payment when the closing is complete. As your real estate agent, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Request title search
    • Comply with the bank's requirements as specified in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse monies and finish instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow company must stay at a fair, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Perform a title inquiry
    • Comply with the bank's standards as noted in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse payments and finalize instructions
    • Tell you what's best - the escrow holder stays at an impartial, third-party status
    • Offer opinions 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Now you know more about how to close on your future home. And, you can be a more confident home buyer and future homeowner.

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