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  • Loan documents
  • 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 become knowledgeable about the process. Contact me.

    First-Time Home Buying: How To Close on a House

     G World Properties can walk you through closing -
    Let's talk about "escrow". When you're closing on your new property, a neutral, third party (known as the escrow holder or the escrow agent) is used to make certain the transaction will close without problems and in a timely manner. 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.

    The escrow holder insures that all terms and conditions of the seller's and buyer's agreement are performed prior to the sale being completed. This includes securing monies and documents, filling out required forms, and obtaining the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a clear title to your house before the agreed upon price is fully paid.

    These are the pieces of paperwork that escrow agents usually compile:

    Upon completion of all portions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. Title to the property is then given to you as now current homeowner and related title insurance is issued as noted in the escrow policy.

    At the close of escrow, fees are paid in an acceptable form to the escrow. I'll keep you informed on what comes next.

    The Escrow Holder Will:

    • Write escrow instructions
    • Perform a title search
    • Meet the bank's requirements 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 documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow company must stay at a fair, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Petition title search
    • Meet the bank's guidelines as specified in the escrow agreement
    • Receive funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse payments and finish instructions
    • Offer advice - the escrow company stays a neutral, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to pay rolling fees while there is a loan on the 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 how to close on your future home. And, you can be a better informed home buyer and future homeowner.

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