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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
  • Buying property for the first time can be overwhelming. Let me help you. Contact me.

    Completing the Transaction

     Berkshire Hathaway HomeServices - Anderson Properties can walk you through closing - (405) 823-4928
    Escrow: When you're closing on your new house, an escrow holder is used to assure the process will close properly and in a timely manner. A property is said to be in escrow when in the closing transaction, payment is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the exchange of money takes place. PayPal is a good way to picture an escrow company.

    The escrow agent is careful to assure that all terms and conditions of the seller's and buyer's contract are performed prior to the sale being finished. This includes getting monies and certificates, completing required forms, and seeking out the release documents for any loans or liens that have been paid with the transaction, assuring you have a free title to your place before the purchase price is fully paid.

    The pieces of paperwork the escrow agent may obtain include:

    You're ready to close when all parts are done in escrow process. All debts and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title gets transferred to you and title insurance is issued per the policies of your particular escrow agreement.

    At the close of escrow, fees are paid in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Request title research
    • Comply with lender's requirements as specified in the escrow agreement
    • Intake payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse monies and finish instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow holder must maintain a neutral, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Perform a title search
    • Meet the bank's standards as specified in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest and other payments 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 have been met
    • Disburse payments and finish instructions
    • Tell you what's best - the escrow agent stays at an impartial, third-party status
    • Give insight 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. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

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

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