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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 real estate industry jargon scare you from becoming a homeowner. I can help you work your way through the process. Contact me.

    What To Expect When You're Closing in Edmond

     Berkshire Hathaway HomeServices - Anderson Properties can walk you through closing - (405) 823-4928
    First, a little about "escrow". To finalize the sale of a home, a neutral, third party (the escrow company) is engaged to assure the process will close appropriately and on time. Escrow companies hold money for "safe-keeping" in transactions between a buyer and seller. PayPal is a good way to picture an escrow company.

    Clearing the final hurdles like receiving funds, finishing forms, obtaining the documents for loans and liens, and assuring you get a clean title to the house prior to your purchase gets finalized are all part of the job of the escrow holder.

    The documents the escrow company may collect include:

    Upon finishing of all instructions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are paid out. You'll then obtain the title to the property and the title insurance gets dispersed as noted in the escrow instructions.

    When closing is completed, you'll make a payment to the escrow agent. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Write escrow instructions
    • Petition title inquiry
    • Meet lender's guidelines as outlined in the escrow agreement
    • Accept funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse funds and finish instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow holder must stay at a fair, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Request title research
    • Comply with lender's guidelines as noted 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 have been finished
    • Disburse funds and finish instructions
    • Tell you what's best - the escrow agent stays a neutral, third-party status
    • Give insight about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is started to pay recurring fees while there is a loan on the 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 better informed home buyer and future homeowner.

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