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Completing the Transaction

 Sasseen Realty Group at Remax Professionals can walk you through closing - 580.248.8817
Let's talk about "escrow". When you're closing on your new home, an escrow company is used to make sure the process will close without problems and in a certain amount of time. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in a Web transaction, PayPal is the secure third party that obtains the buyer's payment, and then hands over the funds to the seller.

The escrow agent insures that all terms and conditions of the seller's and buyer's negotiated agreement are completed prior to the sale being completed. This includes getting funds and paperwork, filling out required forms, and getting the release documents for any loans or liens that are to be cleared with the transaction, assuring you have a free title to your property before the purchase price is fully paid.

The pieces of paperwork the escrow holder may collect include:

  • 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
  • Loan documents
  • Tax statements

Closing on the home takes place when the steps of the escrow are done. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. The house's title goes to you and title insurance is issued per the policies of your individual escrow agreement.

The escrow holder gets a payment at the completion of closing. I'll keep you up-to-date on the next steps.

The Escrow Holder Will:

  • Assemble escrow instructions
  • Petition title inquiry
  • Comply with the bank's requirements as written in the escrow agreement
  • Accept payments from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other documents as instructed
  • Obtain 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 has to remain an impartial, third-party status
  • Give insight about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Assemble escrow instructions
  • Request title search
  • Comply with lender's guidelines as noted in the escrow agreement
  • Intake funds from the buyer
  • Prorate interest, insurance, tax and other payments according to guidelines
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are complete
  • Disburse funds and finalize instructions
  • Give advice - the escrow agent stays a neutral, third-party status
  • Dispense opinions about the outcome of your taxes

Mortgage Escrow Account

A Mortgage Escrow Account is used to pay recurring fees while there is a loan on the 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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