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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 keep you from becoming a homeowner. I can help you understand the process. Call me at (405) 823-4928 and I'll give help you obtain the place you want.

    What is Escrow?

     Berkshire Hathaway HomeServices - Anderson Properties can walk you through closing - (405) 823-4928
    Let's talk about "escrow". When you're closing on your new home, an escrow holder is used to make sure the transaction will close correctly and in a certain amount of time. When funds are 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 how you might use PayPal for online purchases.

    Tying up any loose ends like obtaining funds, completing forms, obtaining the documents for loans and liens, and making sure you get a spotless title to the house prior to your purchase gets finalized are all part of the job of the escrow company.

    These are the legal forms that escrow holders usually compile:

    Closing on the house happens when the steps of the escrow are finished. All outstanding payments and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the house is then transferred to you as buyer and appropriate title insurance is issued as outlined in the escrow instructions.

    When closing is in it's last step, you'll make a payment to the escrow agent. As your real estate professional, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Request title search
    • Comply with the bank's guidelines as noted 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 terms of agreement of seller and buyer have been finished
    • Disburse monies and finalize instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow agent has to remain an impartial, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Request title search
    • Comply with lender's guidelines as outlined in the escrow agreement
    • Intake payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse funds and finalize instructions
    • Advise you - the escrow agent has to remain an impartial, third-party status
    • Dispense 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. 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 comfortable with the escrow process, you can be a better buyer.

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