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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
  • Whether it's your first home or your next place, I'll advise you through the process. Call me at (818) 269-1966 and I'll give you more information.

    First-Time Home Buying: How To Close on a Property

     Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 can walk you through closing - (818) 269-1966
    Escrow: When you're closing on your new place, an escrow agent is used to ensure the transaction will close properly and in a certain amount of time. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. An everyday way to think of what an escrow company does is to compare it to PayPal for online purchases.

    The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are performed prior to the sale being finished.

    The records the escrow agent may obtain include:

    Upon finishing of all instructions of the escrow, closing can take place. All debts and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then secure the title to the property and the title insurance gets issued as stated in the escrow instructions.

    The escrow company receives a payment when the closing is complete. As your real estate agent, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Petition title inquiry
    • Meet lender's standards as outlined in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • 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 monies and finalize instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow holder must maintain a neutral, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Petition title research
    • Meet lender's guidelines as outlined in the escrow agreement
    • Intake payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse payments and finalize instructions
    • Tell you what's best - the escrow agent must maintain a neutral, third-party status
    • Dispense opinions about tax implications

    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.

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