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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 place or your next place, I'll walk you through the process. Call me at (405) 823-4928 and I'll give help you purchase the place you want.

    Buying Your Next Home: Closing

     Berkshire Hathaway HomeServices - Anderson Properties can walk you through closing - (405) 823-4928
    First, a little about "escrow". When you're closing on your new property, an escrow holder is used to insure the process will close without problems and in a specific time frame. 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 compare it to PayPal for online purchases.

    Clearing the final hurdles like taking in funds, completing forms, obtaining the documents for loans and liens, and making sure you get a spotless title to the house in preparation of your purchase gets finalized are all parts of closing in which an escrow agent is useful.

    These are the legal forms that escrow holders usually look to collect:

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

    The escrow holder receives a payment at the completion of closing. As your REALTOR, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Request title research
    • Comply with lender's standards 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 terms of agreement of seller and buyer are met
    • Disburse funds and finish instructions

    The Escrow Holder Won't:

    • Advise you - the escrow company stays at an impartial, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Petition title inquiry
    • Comply with the bank's guidelines as specified in the escrow agreement
    • Intake payments 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 terms of agreement of seller and buyer have been met
    • Disburse monies and finish instructions
    • Offer advice - the escrow agent must maintain a neutral, 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. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    Once you're at ease with the escrow process, you can be a informed buyer.

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