Whether it's your first house or your next house, I'll help you through the process. Call me at (405) 823-4928 and I'll give help you purchase the house you want.

Completing the Transaction

 Berkshire Hathaway HomeServices - Anderson Properties can walk you through closing - (405) 823-4928
Escrow: To complete the sale of a house, a neutral, third party (the escrow agent) is engaged to assure the process will close properly and on time. When funds are 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.

Tying up any loose ends like taking in funds, finishing forms, securing the documents for loans and liens, and assuring you get a clean title to the home in preparation of your purchase gets finalized are all parts of closing in which an escrow company is useful.

The pieces of paperwork the escrow holder may collect include:

  • 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
  • Tax statements

You're ready to close when all parts are complete in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. You'll then obtain the title to the home and the title insurance gets issued as outlined in the escrow instructions.

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

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Request title research
  • Meet lender's guidelines as outlined in the escrow agreement
  • Accept funds from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • Record deeds and other legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are met
  • Disburse funds and finish instructions

The Escrow Holder Will Not:

  • Advise you - the escrow holder must maintain a neutral, third-party status
  • Dispense opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Request title inquiry
  • Meet the bank's standards as outlined in the escrow agreement
  • Intake funds from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • 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 finish instructions
  • Tell you what's best - the escrow holder must stay at a fair, third-party status
  • Give insight about tax implications

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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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