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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
  • Purchasing property for the first time can be overwhelming. I can help. Call me at (859) 576-1877.

    Buying Your Next House: Closing

     Homes & Horse Farms Real Estate can walk you through closing - (859) 576-1877
    Let's talk about "escrow". An escrow company is brought on to assure your house closes on time and the closing process goes smoothly. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. For example, in a Web purchase, PayPal is the reliable third party that obtains the buyer's money, and then hands over the funds to the seller.

    Clearing the final hurdles like taking in funds, signing forms, obtaining the documents for loans and liens, and assuring you get a spotless title to the home in preparation of your purchase gets finalized are all parts of closing in which an escrow agent is useful.

    These are the legal forms that escrow companies usually look for:

    Closing on the house happens when all of the procedures of the escrow are complete. All payments owed and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then transferred to you as new homeowner and appropriate title insurance is issued as outlined in the escrow policy.

    At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. I'll keep you up-to-date on the next steps.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Petition title research
    • Comply with lender's requirements as written in the escrow agreement
    • Intake funds 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 instructions of seller and buyer are met
    • Disburse funds and finish instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow company stays at an impartial, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Perform a title inquiry
    • Comply with the bank's requirements as specified in the escrow agreement
    • Receive funds from the buyer
    • Prorate tax, interest, insurance and other fees 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 have been met
    • Disburse monies and finalize instructions
    • Give advice - the escrow holder stays at an impartial, 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.

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

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