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Whether it's your first house or your next home, I'll educate you through the process. Contact me and I'll make sure you're a confident buyer.

Steps to Closing on a Property

 The City Country Group @ Vanguard Properties DRE# 01380792 can walk you through closing - 707-303-6358
Let's talk about "escrow". When you're closing on your new house, a neutral, third party (known as the escrow holder or the escrow agent) is used to guarantee the process will close without problems and in a specific time frame. A house is said to be in escrow when in the closing process, payment is held by a third party on behalf of two parties when the exchange of money takes place. 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 is careful to assure that all terms and conditions of the seller's and buyer's agreement are reached prior to the sale being completed. This includes receiving payments and certificates, completing required forms, and seeking out the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a free title to your home before the purchase price is fully paid.

The certificates the escrow holder may obtain include:

  • Terms of sale and any seller-assisted financing
  • Requests for payment for various services to be paid out of escrow funds
  • Loan documents
  • Tax statements
  • Fire and other insurance policies
  • Title insurance policies

You're ready to close when each step of the finished in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. The home's title gets handed over to you and title insurance begins per the steps of your particular escrow agreement.

When closing is in it's last step, you'll submit a payment to the escrow holder. I'll keep you informed on the next steps.

The Escrow Holder Will:

  • Write escrow instructions
  • Petition title search
  • Comply with the bank's requirements as noted in the escrow agreement
  • Intake funds from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse payments and finish instructions

The Escrow Holder Will Not:

  • Advise you - the escrow agent has to remain an impartial, third-party status
  • Give insight about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Petition title research
  • Comply with lender's requirements as outlined 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
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse funds and finish instructions
  • Give advice - the escrow agent stays a neutral, third-party status
  • Dispense opinions about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is established to make payments for 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.

Once you have the ABCs of the escrow process down, you can be a informed buyer.