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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 scare you from becoming a homeowner. I can help you become knowledgeable about the process. Call me at (714) 595-5103 and I'll give help you obtain the home you want.

    Escrow 101

     Jody and Lorie - Remax TerraSol can walk you through closing - (714) 595-5103
    First, a little about "escrow". When you're closing on your new property, an escrow agent is used to assure the transaction will close properly and on time. A home is said to be in escrow when in the closing transaction, money is held by a third party on behalf of two parties when the transaction is taking place. PayPal is a good way to picture an escrow company.

    The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are completed prior to the sale being completed.

    The pieces of paperwork the escrow company may obtain include:

    Closing on the home happens when all of the procedures of the escrow are done. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. Title to the property is then given to you as new owner and appropriate title insurance is issued as noted in the escrow policy.

    When closing is finished, you'll make a payment to the escrow company. I'll keep you updated on the next steps.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Petition title inquiry
    • Comply with lender's requirements as noted in the escrow agreement
    • Receive 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 instructions of seller and buyer have been finished
    • Disburse monies and finalize instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow company must maintain a neutral, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Request title search
    • Comply with lender's standards as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse payments and finish instructions
    • Give advice - the escrow holder stays a neutral, third-party status
    • Give insight about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to pay 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.

    Now you know more about being in escrow. And, you can be a better informed home buyer and future homeowner.

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