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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 a house for the first time can be overwhelming. Let me help you. E-mail me at charise@charisemitchell.com to get some free information.

    Completing the Transaction

     Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 can walk you through closing - (818) 269-1966
    Let's talk about "escrow". To close the sale of a house, a neutral, third party (the escrow holder) is engaged to assure the process will close appropriately and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. PayPal is a good example of an escrow company.

    The escrow company makes sure that all terms and conditions of the seller's and buyer's agreement are completed prior to the sale being finished. This includes securing payments and records, completing required forms, and getting the release documents for any loans or liens that were paid with the transaction, assuring you have a clean title to your home before the asking price is fully paid.

    These are the legal documents that escrow holders usually compile:

    You're ready to close when each step of the finished in escrow process. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then secure the title to the home and the title insurance gets dispersed as outlined in the escrow instructions.

    When closing is in it's last step, you'll pay the fees to the escrow holder. I'll keep you informed on the next steps.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Petition title research
    • Comply with lender's standards as noted in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse payments and finalize instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow holder must maintain a neutral, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Petition title search
    • Comply with the bank's guidelines as specified in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • 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 finish instructions
    • Advise you - the escrow agent must stay at a fair, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    This is a quick run-down of the escrow process. Your specific methods may vary based on your lender and your escrow agent.