Whether it's your first place or your next house, I'll advise you through the process. Call me at (315) 258-9147.

First-Time Home Buying: Closing

 Lake Country Real Estate, Inc. can walk you through closing - (315) 258-9147
Escrow: A neutral, third party (known as the escrow holder or the escrow agent) is brought on to assure your house closes on time and the process goes smoothly. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. An everyday way to think of what an escrow company does is to compare it to PayPal for Internet purchases.

Clearing the final hurdles like obtaining funds, signing forms, getting the documents for loans and liens, and assuring you get a clear title to the home in preparation of your purchase gets finalized are all parts of closing in which an escrow company is useful.

These are the documents that escrow companies usually compile:

  • 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
  • Title insurance policies

You're ready to close when every step is done in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. The house's title goes to you and title insurance is issued per the steps of your individual escrow process.

When closing is finished, you'll submit a payment to the escrow agent. As your REALTOR, I'll inform you of the acceptable form of payment.

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Request title search
  • Meet the bank's guidelines as outlined in the escrow agreement
  • Receive funds from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other legal documents as instructed
  • Request title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse monies and finish instructions

The Escrow Holder Will Not:

  • Advise you - the escrow holder has to remain an impartial, third-party status
  • Offer opinions about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow guidelines
  • Perform a title research
  • Meet the bank's requirements as specified in the escrow agreement
  • Receive payments from the buyer
  • Prorate tax, interest, insurance and other fees according to guidelines
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse payments and finish instructions
  • Give advice - the escrow company must maintain a neutral, third-party status
  • Dispense opinions about tax implications

Mortgage Escrow Account

A Mortgage Escrow Account is used to make payments for recurring expenses 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.

Once you have the ABCs of the escrow process down, you can be a confident buyer.

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