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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 the unknown prevent you from becoming a homeowner. I can help you understand the process. Contact me.

    What is Escrow?

     Sasseen Realty Group at Remax Professionals can walk you through closing - 580.248.8817
    Let's talk about "escrow". To close the sale of a house, a neutral, third party (the escrow holder) is engaged to assure the process will close correctly and on time. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. For example, in a Web purchase, PayPal is the secure third party that obtains the buyer's funds, and then hands over the money to the seller.

    Clearing the final hurdles like receiving funds, signing forms, getting the documents for loans and liens, and making sure you get a spotless title to the house prior to your purchase gets finalized are all part of the job of the escrow holder.

    Escrow companies collect the following records:

    You're ready to close when each step of the finished in escrow process. All debts and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then obtain the title to the property and the title insurance gets dispersed as outlined in the escrow instructions.

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

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Request title research
    • Meet lender's requirements as noted in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse payments and finish instructions

    The Escrow Holder Won't:

    • 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:
    • Assemble escrow guidelines
    • Perform a title search
    • Comply with lender's standards as noted in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • 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 holder must maintain a neutral, third-party status
    • Offer opinions 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

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

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