Completing the Transaction

Escrow
An escrow company is brought on to assure your property closes on time and the closing process goes smoothly. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an online purchase, PayPal is the neutral third party that obtains the buyer's funds, and then hands over the payment to the seller.

Clearing the final hurdles like taking in funds, signing forms, getting the documents for loans and liens, and assuring you a clean title to the home in preparation of your purchase gets finalized are all part of the job of the escrow company.

	Whether it's your first place or your next place, we'll educate you through the process. Contact us and we'll make sure you're a well-informed buyer.

The documents the escrow agent may obtain include: 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 Loan documents Tax statements

Upon completion of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. You'll then obtain the title to the house and the title insurance gets issued as outlined in the escrow instructions.

The escrow agent receives a payment at the completion of closing. I'll keep you coach you on the through the procedure.

The Escrow Holder Will:		The Escrow Holder Won't:
Prepare escrow instructions Petition title research Comply with lender's standards as noted in the escrow agreement Accept funds 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 instructions of seller and buyer are complete Disburse monies and finish instructions		Advise you - the escrow agent must stay at a fair, third-party status Dispense opinions about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is used to make payments for on-going fees while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

This is a simple outline of the escrow process. Your specific plan could vary based on your lender and your escrow company.