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  • 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
  • The process of buying real estate for the first time can be confusing. Let me help you. E-mail me at info@bigbearrevt.com .

    I'll Champion for You Through Closing

     Big Bear Real Estate can walk you through closing - 802-744-6844
    First, a little about "escrow". An escrow agent is used to assure your place closes on time and the closing process goes smoothly. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good example of an escrow company.

    The escrow company insures that all terms and conditions of the seller's and buyer's contract are reached prior to the sale being finalized. This includes receiving funds and certificates, filling out required forms, and seeking out the release documents for any loans or liens that have been paid with the transaction, assuring you have a clear title to your house before the asking price is fully paid.

    Escrow agents look for the following documents:

    You're ready to close when all parts are complete in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. You'll then obtain the title to the house and the title insurance gets dispersed as stated in the escrow instructions.

    The escrow agent receives a payment when the closing is complete. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Perform a title search
    • Meet the bank's guidelines as written in the escrow agreement
    • Accept funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse monies and finalize instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow agent must maintain a neutral, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Request title search
    • Meet lender's standards as outlined in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finalize instructions
    • Give advice - the escrow company must stay at a fair, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Now you know more about being in escrow. And, you can be a more informed home buyer and future homeowner.

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