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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
  • The process of buying real estate for the first time can be confusing. I can help. Call me at (818) 269-1966.

    Escrow 101

     Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 can walk you through closing - (818) 269-1966
    Escrow: To finalize the sale of a home, a neutral, third party (the escrow company) is brought into the picture to assure the process will close properly and on time. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. PayPal is a good example of an escrow company.

    The escrow company makes sure that the terms and conditions of the agreement between the two parties are performed prior to the sale being finished.

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

    Closing on the home takes place when the steps of the escrow are complete. All expenses like title insurance, inspections and real estate commissions are paid. You'll then receive the title to the property and the title insurance gets issued as agreed upon in the escrow instructions.

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

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Request title search
    • Comply with lender's standards as specified 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 instructions of seller and buyer are met
    • Disburse funds and finish instructions

    The Escrow Holder Won't:

    • Advise you - the escrow holder stays a neutral, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Request title inquiry
    • Comply with lender's standards 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
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse monies and finalize instructions
    • Give advice - the escrow holder must maintain a neutral, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to make payments for 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.

    This is a easy to understand guide about the escrow process. Your specific methods might vary depending on your bank and your escrow company.