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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
  • Don't let real estate industry jargon keep you from becoming a homeowner. I can help you become knowledgeable about the process. E-mail me at info@bigbearrevt.com to get some free information.

    Buying Your Next Home: 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 money exchanging part of closing goes smoothly. A house is said to be in escrow when in the closing process, funds is secured by a third party on behalf of two parties (in this case, a buyer and a seller) when the transaction is taking place. A simple way to understand the concept of what an escrow company does is to think of the use of PayPal for online purchases.

    Settling the last details like taking in funds, finishing forms, securing the documents for loans and liens, and assuring you get a clean title to the home before your purchase gets finalized are all part of the job of the escrow agent.

    Escrow companies compile the following forms:

    You're ready to close when all steps are complete in escrow process. All payments owed and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). The house's title gets transferred to you and title insurance begins per the steps of your individual escrow agreement.

    At the close of escrow, fees are paid in an acceptable form to the escrow. As your REALTOR, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Perform a title inquiry
    • Meet the bank's standards as outlined 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
    • 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 Will Not:

    • Offer advice - the escrow agent must maintain a neutral, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Petition title research
    • Meet the bank's guidelines as written in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse monies and finalize instructions
    • Give advice - the escrow agent stays a neutral, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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.

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

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