(626) 608-7310
(626) 608-7310
Covina,
California,
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In Home Realty, things to look for when buying a home, how to buy a house, house hunting, home buying tip, home buying help, find a home to buy, home buying questions, home buying advice, home buying, home buying checklist, escrow, being in escrow, escrow agent, escrow fees, closing on a house, escrow companies
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
Purchasing property for the first time can be overwhelming. I can help. Call me at (626) 608-7310 and I'll give all the info you'll need to move forward.
Escrow 101
Escrow: To close the sale of a home, a neutral, third party (the escrow company) is brought into the picture to assure the process will close properly and on time. Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a good way to picture an escrow company.
The escrow agent is careful to assure that all terms and conditions of the seller's and buyer's contract are reached prior to the sale being finished. This includes securing monies and certificates, filling out required forms, and getting the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a clean title to your home before the purchase price is fully paid.
Escrow holders compile the following records:
Closing on the property takes place when all of the procedures of the escrow are complete. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. You'll then receive the title to the property and the title insurance gets dispersed as outlined in the escrow instructions.
At the close of escrow, in an acceptable form to the escrow. As your real estate professional, I'll inform you of the acceptable way of paying.
The Escrow Holder Will:
- Assemble escrow instructions
- Request title inquiry
- Comply with the bank's guidelines as outlined in the escrow agreement
- Accept payments from the buyer
- Prorate insurance, tax, interest and other payments according to instructions
- Record deeds and other documents as instructed
- Obtain title insurance policy
- Close escrow when all instructions of seller and buyer are met
- Disburse payments and finish instructions
The Escrow Holder Will Not:
- Offer advice - the escrow agent stays a neutral, third-party status
- Give insight about future tax estimations
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The Escrow Holder Will:
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The Escrow Holder Won't:
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- Assemble escrow instructions
- Petition title search
- Comply with the bank's guidelines as written in the escrow agreement
- Accept funds from the buyer
- Prorate tax, interest, insurance and other fees according to guidelines
- Record deeds and other paperwork as instructed
- Request title insurance policy
- Close escrow when all instructions of seller and buyer have been met
- Disburse payments and finalize instructions
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- Offer advice - the escrow company must stay at a fair, third-party status
- Give insight about the outcome of your taxes
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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.
Now you know more about being in escrow. And, you can be a more informed home buyer and future homeowner.