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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 the unknown keep you from becoming a homeowner. I can help you work your way through the process. Call me at (405) 823-4928 and I'll give help you obtain the home you want.

    Completing the Transaction

     Berkshire Hathaway HomeServices - Anderson Properties can walk you through closing - (405) 823-4928
    Let's talk about "escrow". To finalize the sale of a house, a neutral, third party (the escrow company) is engaged to assure the transaction will close appropriately and on time. A house is said to be in escrow when in the closing process, payment is secured by a third party on behalf of a buyer and a seller when the transaction is taking place. For example, in a Web transaction, PayPal is the secure third party that holds the buyer's money, and then sends the payment to the seller.

    The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's agreement are performed prior to the sale being finished. This includes receiving funds and paperwork, finishing required forms, and seeking out the release documents for any loans or liens that were paid with the transaction, assuring you have a clean title to your place before the asking price is fully paid.

    The certificates the escrow holder may collect include:

    Closing on the property takes place when the steps of the escrow are complete. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. You'll then secure the title to the property and the title insurance gets dispersed as agreed upon in the escrow instructions.

    At the close of escrow, payments are submitted in an acceptable form to the escrow. As your real estate professional, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

    • Write escrow instructions
    • Petition title research
    • Meet lender's guidelines 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 legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse funds and finish instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow company must stay at a fair, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Perform a title research
    • Meet the bank's standards as written in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees 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 funds and finish instructions
    • Tell you what's best - the escrow agent stays at an impartial, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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 how to close on your future home. And, you can be a more informed home buyer and future homeowner.

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