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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 house or your next property, I'll advise you through the process. E-mail me at charise@charisemitchell.com .

    What is Escrow?

     Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 can walk you through closing - (818) 269-1966
    First, a little about "escrow". When you're closing on your new house, an escrow agent is used to ensure the process will close correctly and in a timely manner. Escrow agents hold money for "safe-keeping" in a deal between a buyer and seller. An easy way to understand what an escrow company does is to compare it to PayPal for Internet purchases.

    Settling the last details like taking in funds, finishing forms, getting the documents for loans and liens, and making sure you get a spotless title to the house prior to your purchase gets finalized are all part of the job of the escrow agent.

    The records the escrow holder may obtain include:

    Closing on the home happens when the steps of the escrow are done. All outstanding payments and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The property's title is given to you and title insurance begins per the policies of your individual escrow process.

    The escrow agent receives a payment at the completion of closing. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Petition title research
    • Comply with lender's standards as noted in the escrow agreement
    • Receive funds 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 terms of agreement of seller and buyer have been met
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow holder stays a neutral, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Petition title research
    • Meet the bank's requirements as specified in the escrow agreement
    • Accept funds 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 instructions of seller and buyer are met
    • Disburse monies and finish instructions
    • Tell you what's best - the escrow agent stays a neutral, third-party status
    • Offer opinions about future tax estimations

    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.

    This is a easy to understand guide about the escrow process. Your particular plan might be unique based on your lender and your escrow company.