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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 the unknown prevent you from becoming a homeowner. I can help you become knowledgeable about the process. E-mail me at Jason@SoldByJason.com .

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

     RE/MAX Advantage can walk you through closing - (715) 736-7000
    Let's talk about "escrow". An escrow holder is hired to assure your house closes on time and the money exchanging part of closing goes smoothly. When payment is 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 makes sure that the terms and conditions of the agreement between the sellers and the buyers are performed prior to the sale being finalized.

    The records the escrow holder may collect include:

    Upon completion of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then given to you as buyer and related title insurance is issued as noted in the escrow policy.

    The escrow holder receives a payment at the completion of closing. I'll keep you updated on the next steps.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Petition title research
    • Meet the bank's standards as written in the escrow agreement
    • Receive funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow agent must stay at a fair, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Request title inquiry
    • Meet lender's guidelines as noted 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
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse funds and finish instructions
    • Tell you what's best - the escrow agent must maintain a neutral, third-party status
    • Dispense opinions about the outcome of your taxes

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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 being in escrow. And, you can be a better informed home buyer and future homeowner.

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