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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. I can help. Contact me and I'll make sure you're a empowered buyer.

    Completing the Transaction

     Solutions Real Estate can walk you through closing - (602) 576-5355
    First, a little about "escrow". To finish the sale of a home, a neutral, third party (the escrow agent) is employed to assure the transaction will close perfectly and on time. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an Internet purchase, PayPal is the neutral third party that holds the buyer's cash, and then hands over the funds to the seller.

    The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are completed in preparation of the sale being finalized.

    Escrow agents look for the following forms:

    Upon finishing of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the home and the title insurance gets dispersed as outlined in the escrow instructions.

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

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Request title inquiry
    • Meet lender's guidelines as specified in the escrow agreement
    • Accept 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 complete
    • Disburse funds and finish instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow company has to remain an impartial, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Request title inquiry
    • Meet lender's requirements as noted in the escrow agreement
    • Intake funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse payments and finish instructions
    • Advise you - the escrow agent has to remain an impartial, third-party status
    • Dispense opinions about future tax estimations

    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.

    Now you know more about how to close on your future home. And, you can be a better informed home buyer and future homeowner.

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