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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 house, I'll help you through the process. Call me at (949) 858-9183 and I'll give help you purchase the home you want.

    Buying Your Next Property: Closing

     Lisa Dunn can walk you through closing - (949) 858-9183
    Let's talk about "escrow". An escrow holder is hired to assure your place closes on time and the transaction goes smoothly. Escrow holders hold money for "safe-keeping" in an exchange between a buyer and seller. For example, in an Internet purchase, PayPal is the neutral third party that holds the buyer's funds, and then sends the payment to the seller.

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

    Escrow companies look for the following records:

    Upon completion of all portions 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. Title to the house is then transferred to you as now current homeowner and related title insurance is issued as outlined in the escrow instructions.

    When closing is done, you'll make a payment to the escrow holder. As your agent, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

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

    The Escrow Holder Will Not:

    • Offer advice - the escrow company must maintain a neutral, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Perform a title inquiry
    • Comply with lender's guidelines as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse funds and finish instructions
    • Give advice - the escrow agent has to remain an impartial, third-party status
    • Offer opinions about the outcome of your taxes

    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.

    This is a simple outline of the escrow process. Your individual plan might vary depending on your lender and your escrow company.

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