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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
  • Purchasing a home for the first time can be intimidating. I can help. E-mail me at info@bigbearrevt.com .

    First-Time Home Buying: How To Close on a Home

     Big Bear Real Estate can walk you through closing - 802-744-6844
    First, a little about "escrow". When you're closing on your new property, an escrow holder is used to insure the process will close without problems and in a specific time frame. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. A simple way to understand what an escrow company does is to think of how you might use PayPal for online purchases.

    The escrow company insures that all terms and conditions of the seller's and buyer's contract are completed prior to the sale being finalized. This includes getting monies and paperwork, completing required forms, and obtaining the release documents for any loans or liens that have been cleared with the transaction, assuring you have a clear title to your property before the negotiated price is fully paid.

    These are the records that escrow agents usually look to collect:

    Upon finishing of all portions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. The home's title goes to you and title insurance is issued per the policies of your individual escrow agreement.

    When closing is finished, you'll make a payment to the escrow agent. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Perform a title research
    • Meet lender's standards as written in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse payments and finish instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow company stays a neutral, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Request title search
    • Meet lender's requirements as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse monies and finish instructions
    • Advise you - the escrow holder must maintain a neutral, third-party status
    • Give insight 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. 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.

    Once you're at ease with the escrow process, you can be a informed buyer.

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