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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
  • Purchasing real estate for the first time can be overwhelming. Let me help you. Contact me and I'll help you become a confident buyer.

    What To Expect When You're Closing in Huntington Beach

     Jody and Lorie - Remax TerraSol can walk you through closing - (714) 595-5103
    Let's talk about "escrow". To close the sale of a place, a neutral, third party (the escrow company) is employed to assure the transaction will close appropriately and on time. Escrow holders hold money for "safe-keeping" in an exchange between a buyer and seller. An everyday way to understand the concept of what an escrow company does is to compare it to PayPal for online purchases.

    The escrow agent makes sure that all terms and conditions of the seller's and buyer's contract are performed prior to the sale being completed. This includes getting payments and records, filling out required forms, and obtaining the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a clean title to your property before the negotiated price is fully paid.

    These are the documents that escrow agents usually look to collect:

    Closing on the property happens when all of the procedures of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. The house's title gets transferred to you and title insurance is issued per the policies of your individual escrow process.

    When closing is done, you'll pay the fees to the escrow holder. As your agent, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Petition title search
    • Meet lender's standards as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow holder has to remain an impartial, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Perform a title research
    • Comply with lender'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 documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse monies and finalize instructions
    • Tell you what's best - the escrow agent has to remain an impartial, third-party status
    • Offer opinions about future tax estimations

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

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

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