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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
  • Buying property for the first time can be overwhelming. Let me help you. Contact me.

    Steps to Closing on a House

     Big Bear Real Estate can walk you through closing - 802-744-6844
    Let's talk about "escrow". When you're closing on your new place, an escrow company is used to insure the process will close properly and on time. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in a Web auction, PayPal is the reliable third party that obtains the buyer's cash, and then disburses the funds to the seller.

    The escrow company is careful to assure that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being completed. This includes receiving funds and records, completing required forms, and seeking out 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 property before the negotiated price is fully paid.

    These are the pieces of paperwork that escrow companies usually look to collect:

    Closing on the property takes place when all of the procedures of the escrow are finished. All debts and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then receive the title to the house and the title insurance gets issued as outlined in the escrow instructions.

    When closing is done, you'll pay the fees to the escrow holder. I'll keep you updated on what comes next.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Perform a title research
    • Meet the bank's standards as outlined in the escrow agreement
    • Receive payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse funds and finish instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow company has to remain an impartial, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Petition title research
    • Comply with the bank's guidelines as outlined in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • 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 payments and finish instructions
    • Tell you what's best - the escrow agent must maintain a neutral, third-party status
    • Dispense opinions about the outcome of your taxes

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. 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 better informed home buyer and future homeowner.

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