(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
Whether it's your first property or your next home, I'll advise you through the process. Call me at (626) 608-7310 and I'll give help you live in the house you want.
First-Time Home Buying: Closing
Let's talk about "escrow". To finalize the sale of a home, a neutral, third party (the escrow agent) is brought into the picture to assure the transaction will close perfectly and on time. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. For example, in a Web auction, PayPal is the reliable third party that obtains the buyer's payment, and then hands over the money to the seller.
The escrow holder makes sure that the terms and conditions of the agreement between the two parties are reached prior to the sale being finished.
These are the legal forms that escrow agents usually look for:
You're ready to close when every step is done in escrow process. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the home is then transferred to you as buyer and correct title insurance is issued as outlined in the escrow instructions.
When closing is in it's last step, you'll make a payment to the escrow holder. As your real estate agent, I'll let you know what is an acceptable form of payment.
The Escrow Holder Will:
- Write escrow guidelines
- Perform a title research
- Comply with the bank's requirements as noted in the escrow agreement
- Accept payments 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 monies and finalize instructions
The Escrow Holder Won't:
- Offer advice - the escrow holder must stay at a fair, 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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- Prepare escrow guidelines
- Perform a title search
- Meet lender's standards as written 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 complete
- Disburse monies and finalize instructions
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- Tell you what's best - the escrow company stays at an impartial, third-party status
- Dispense opinions 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 smarter home buyer and future homeowner.