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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
  • Whether it's your first place or your next home, I'll educate you through the process. Contact me.

    Steps to Closing on a Property

     Solutions Real Estate can walk you through closing - (602) 576-5355
    Let's talk about "escrow". To complete the sale of a property, a neutral, third party (the escrow holder) is brought into the picture to assure the process will close correctly and on time. A house is said to be in escrow when in the closing process, money is held by a third party on behalf of a buyer and a seller when the transaction is taking place. An everyday way to understand the concept of what an escrow company does is to compare it to PayPal for Internet purchases.

    The escrow company makes sure that all terms and conditions of the seller's and buyer's agreement are reached prior to the sale being finalized. This includes securing payments and records, completing required forms, and seeking out the release documents for any loans or liens that were paid off with the transaction, assuring you have a clean title to your property before the agreed upon price is fully paid.

    Escrow holders want to obtain the following forms:

    You're ready to close when all steps are done in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. The house's title is given to you and title insurance is issued per the steps of your individual escrow agreement.

    When closing is completely finished, you'll submit a payment to the escrow agent. I'll keep you informed on the next steps.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Request title research
    • Meet lender's guidelines as written in the escrow agreement
    • Intake payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • 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:
    • Prepare escrow instructions
    • Perform a title inquiry
    • Meet the bank's guidelines as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse payments and finalize instructions
    • Tell you what's best - the escrow holder must maintain a neutral, third-party status
    • Give insight about future tax estimations

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. 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.

    This is a easy to understand guide about the escrow process. Your individual process will be unique depending on your lender and your escrow agent.

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