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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 inexperience with the real estate industry scare you from becoming a homeowner. I can help you become knowledgeable about the process. E-mail me at max@sasseenrealtygroup.com to get some free information.

    Closing the Sale in Lawton, Oklahoma

     Sasseen Realty Group at Remax Professionals can walk you through closing - 580.248.8817
    Let's talk about "escrow". To finish the sale of a home, a neutral, third party (the escrow agent) is brought into the picture to assure the process will close correctly and on time. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a simple way to think of an escrow company.

    The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's contract are met prior to the sale being finished. This includes securing monies and certificates, filling out required forms, and obtaining the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a free title to your place before the final price is fully paid.

    The certificates the escrow agent may secure include:

    Closing on the property happens when the steps of the escrow are complete. All outstanding payments and fees are collected and paid off 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 dispersed as noted in the escrow instructions.

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

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Perform a title inquiry
    • Comply with the bank's requirements as outlined in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees 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 payments and finalize instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow holder stays at an impartial, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Petition title research
    • Comply with the bank's requirements as written in the escrow agreement
    • Intake payments 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 instructions of seller and buyer are met
    • Disburse funds and finalize instructions
    • Offer advice - the escrow company must maintain a neutral, third-party status
    • Offer 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.

    Once you have the ABCs of the escrow process down, you can be a informed buyer.

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