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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
  • Whether it's your first home or your next property, I'll educate you through the process. E-mail me at piero@ca-res.com to get some free information.

    Completing the Transaction

     Realty World HomeCares can walk you through closing - (619) 791-1000
    First, a little about "escrow". When you're closing on your new home, a neutral, third party (known as the escrow holder or the escrow agent) is used to make sure the process will close properly and in a certain amount of time. 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 company is careful to assure that all terms and conditions of the seller's and buyer's contract are performed prior to the sale being finalized. This includes receiving payments and documents, completing required forms, and seeking out the release documents for any loans or liens that have been cleared with the transaction, assuring you have a clear title to your place before the purchase price is fully paid.

    Escrow agents compile the following legal documents:

    Upon completion of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then receive the title to the property and the title insurance gets issued as agreed upon in the escrow instructions.

    The escrow agent gets a payment at the completion of closing. I'll keep you informed on the procedure.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Perform a title inquiry
    • Comply with the bank's guidelines as specified in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees 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 finish instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow company stays at an impartial, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Petition title inquiry
    • Meet lender's guidelines as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax 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 are complete
    • Disburse funds and finish instructions
    • Advise you - the escrow company has to remain an impartial, third-party status
    • Give insight about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to make payments for rolling 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 more informed home buyer and future homeowner.

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