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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 real estate industry jargon scare you from becoming a homeowner. I can help you work your way through the process. E-mail me at Connect@mycitycountry.com .

    Completing the Transaction

     Your City Country Connection can walk you through closing - 707-303-6358
    First, a little about "escrow". When you're closing on your new place, an escrow agent is used to ensure the transaction will close appropriately and on time. A home is said to be in escrow when in the closing process, money is secured by a third party on behalf of two parties (in this case, a buyer and a seller) when the transaction is taking place. PayPal is a good example of an escrow company.

    The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached prior to the sale being finished.

    These are the legal forms that escrow companies usually look to collect:

    Closing on the home takes place when all of the procedures of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then given to you as new homeowner and correct title insurance is issued as noted in the escrow policy.

    At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. As your REALTOR, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Request title inquiry
    • Meet lender's guidelines as noted in the escrow agreement
    • Intake funds 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 instructions of seller and buyer are met
    • Disburse funds and finish instructions

    The Escrow Holder Won't:

    • Give advice - the escrow holder must maintain a neutral, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Request title inquiry
    • Comply with the bank's requirements as outlined in the escrow agreement
    • Accept payments 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 are complete
    • Disburse funds and finalize instructions
    • Advise you - the escrow holder must maintain a neutral, third-party status
    • Dispense opinions 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    Now you know more about being in escrow. And, you can be a smarter home buyer and future homeowner.