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What To Expect When You're Closing in Covina, California

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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 transaction will close correctly and in a timely manner. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. An easy way to understand the concept of what an escrow company does is to compare it to PayPal for Internet purchases.

The escrow company is careful to assure that all terms and conditions of the seller's and buyer's contract are met prior to the sale being finished. This includes securing monies and paperwork, filling out required forms, and obtaining the release documents for any loans or liens that have been paid with the transaction, assuring you have a clear title to your home before the final price is fully paid.

The records the escrow agent may obtain include:

  • 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
  • Loan documents

Upon finishing of all instructions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. The home's title gets transferred to you and title insurance begins per the steps of your individual escrow agreement.

At the close of escrow, payments of funds are made in an acceptable form to the escrow. I'll keep you informed on the procedure.

The Escrow Holder Will:

  • Write escrow guidelines
  • Petition title research
  • Meet lender's requirements as specified in the escrow agreement
  • Accept funds from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • 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 Won't:

  • Tell you what's best - the escrow holder stays a neutral, third-party status
  • Offer opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow guidelines
  • Request title search
  • Meet lender's standards as written in the escrow agreement
  • Intake payments from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other documents as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer have been met
  • Disburse funds and finish instructions
  • Tell you what's best - the escrow agent stays a neutral, third-party status
  • Give insight about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is established to make payments for recurring fees while there is a loan on the house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

Once you have the rules of the escrow process down, you can be a better buyer.

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In Home Realty

DRE# 01871754

319 E San Bernardino Road
Covina, CA 91723-1627