Whether it's your first place or your next house, I'll help you through the process. Call me at (405) 823-4928 and I'll give all the info you'll need to move forward.

The Place is Almost Yours

 Berkshire Hathaway HomeServices - Anderson Properties can walk you through closing - (405) 823-4928
First, a little about "escrow". An escrow agent is brought on to assure your place closes on time and the money exchanging part of closing goes smoothly. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. An everyday way to think of what an escrow company does is to think of the use of PayPal for Internet purchases.

The escrow holder makes sure that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being completed. This includes getting monies and paperwork, finishing required forms, and seeking out the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a clear title to your property before the final price is fully paid.

These are the legal documents that escrow holders usually compile:

  • 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
  • Loan documents

Upon completion of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. The house's title gets transferred to you and title insurance begins per the policies of your particular escrow agreement.

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

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Request title search
  • Meet the bank's guidelines as written in the escrow agreement
  • Intake payments from the buyer
  • Prorate insurance, tax, interest and other payments 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 finalize instructions

The Escrow Holder Won't:

  • Tell you what's best - the escrow agent has to remain an impartial, third-party status
  • Offer opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Petition title search
  • Comply with lender's requirements as written in the escrow agreement
  • Accept funds from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other paperwork as instructed
  • Request title insurance policy
  • Close escrow when all instructions of seller and buyer are met
  • Disburse monies and finish instructions
  • Tell you what's best - the escrow company must maintain a neutral, third-party status
  • Offer opinions about the outcome of your taxes

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.

Once you're comfortable with the escrow process, you can be a better buyer.

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