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  • Loan documents
  • 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 the unknown scare you from becoming a homeowner. I can help you work your way through the process. Call me at 405-262-6020 and I'll give you more information.

    First-Time Home Buying: How To Close on a Property

     Preferred Properties, R.E. can walk you through closing - 405-262-6020
    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 make sure the transaction will close correctly and in a specific time frame. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good example of an escrow company.

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

    The records the escrow company may obtain include:

    Upon completion of all instructions of the escrow, closing can take place. All payments owed and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The house's title is given to you and title insurance begins per the policies of your particular escrow process.

    When closing is done, you'll submit a payment to the escrow company. As your agent, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Write escrow instructions
    • Perform a title search
    • Meet the bank's requirements as outlined in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow company must maintain a neutral, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Perform a title inquiry
    • Meet the bank's guidelines as written in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse payments and finalize instructions
    • Offer advice - the escrow holder stays at an impartial, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to pay recurring fees while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

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

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