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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 place, I'll help you through the process. E-mail me at Connect@mycitycountry.com to get some free information.

    Steps to Closing on a Home

     Your City Country Connection can walk you through closing - 707-303-6358
    Let's talk about "escrow". When you're closing on your new house, an escrow holder is used to guarantee the process will close appropriately and on time. Escrow holders hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an Internet transaction, PayPal is the neutral third party that obtains the buyer's cash, and then sends the payment to the seller.

    The escrow agent makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached in preparation of the sale being finished.

    Escrow companies want to acquire the following documents:

    Upon finishing of all instructions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. You'll then get the title to the property and the title insurance gets dispersed as agreed upon in the escrow instructions.

    The escrow holder gets a payment when the closing is complete. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Perform a title research
    • Meet lender's requirements as written in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees 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 are met
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow company stays at 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
    • Request title research
    • Comply with lender's guidelines as outlined in the escrow agreement
    • Intake funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse funds and finish instructions
    • Give advice - the escrow holder has to remain an impartial, third-party status
    • Offer opinions about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to pay on-going fees while there is a loan on the 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.

    This is a easy to understand guide about the escrow process. Your specific methods could be unique based on your bank and your escrow agent.



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