Whether it's your first house or your next place, I'll walk you through the process. Call me at (818) 269-1966 and I'll give help you purchase the house you want.

What To Expect When You're Closing in Sherman Oaks, California

 Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 can walk you through closing - (818) 269-1966
Escrow: An escrow holder is brought on to assure your property closes on time and the money exchanging part of closing goes smoothly. A home is said to be in escrow when in the closing process, funds is held by a third party on behalf of two parties when the exchange of money takes place. For example, in a Web purchase, PayPal is the reliable third party that holds the buyer's cash, and then sends the money to the seller.

The escrow company is careful to assure that all terms and conditions of the seller's and buyer's contract are completed prior to the sale being finished. This includes securing monies and documents, finishing required forms, and obtaining the release documents for any loans or liens that were cleared with the transaction, assuring you have a free title to your house before the purchase price is fully paid.

The records the escrow holder may secure include:

  • Loan documents
  • 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

You're ready to close when all steps are finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then given to you as new owner and related title insurance is issued as noted in the escrow instructions.

At the close of escrow, payments of funds are made in an acceptable form to the escrow. I'll keep you up-to-date on the procedure.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Request title inquiry
  • Comply with the bank's requirements as written in the escrow agreement
  • Intake payments from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all instructions of seller and buyer have been finished
  • Disburse funds and finish instructions

The Escrow Holder Won't:

  • Offer advice - the escrow holder has to remain an impartial, third-party status
  • Offer opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow instructions
  • Petition title search
  • Meet the bank's guidelines as outlined in the escrow agreement
  • Intake payments from the buyer
  • Prorate tax, interest, insurance and other fees 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 have been met
  • Disburse monies and finalize instructions
  • Advise you - the escrow holder must maintain a neutral, third-party status
  • Give insight 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. 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 how to close on your future home. And, you can be a more informed home buyer and future homeowner.