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What To Expect When You're Closing in Covina, California
Escrow: An escrow holder is brought on to assure your house closes on time and the process goes smoothly. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a good way to picture an escrow company.
Clearing the final hurdles like obtaining funds, completing forms, securing the documents for loans and liens, and assuring you get a clean title to the house in preparation of your purchase gets finalized are all part of the job of the escrow agent.
These are the records that escrow holders usually look to collect:
- Title insurance policies
- Terms of sale and any seller-assisted financing
- Requests for payment for various services to be paid out of escrow funds
- Loan documents
- Tax statements
- Fire and other insurance policies
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 secure the title to the property and the title insurance gets issued as noted in the escrow instructions.
At the close of escrow, in an acceptable form to the escrow. I'll keep you informed on the procedure.
The Escrow Holder Will:
- Prepare escrow instructions
- Perform a title search
- Meet lender's requirements as specified in the escrow agreement
- Accept payments 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 are met
- Disburse monies and finalize instructions
The Escrow Holder Will Not:
- Tell you what's best - the escrow company stays a neutral, third-party status
- Dispense opinions about tax implications
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The Escrow Holder Will:
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The Escrow Holder Won't:
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- Write escrow instructions
- Petition title search
- Meet lender's requirements as noted in the escrow agreement
- Receive 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 instructions of seller and buyer have been finished
- Disburse monies and finalize instructions
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- Advise you - the escrow holder stays at an impartial, third-party status
- Give insight about the outcome of your taxes
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Mortgage Escrow Account
A Mortgage Escrow Account is used to pay rolling expenses while there is a loan on the 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.
Now you know more about how to close on your future home. And, you can be a more informed home buyer and future homeowner.