I'll Champion for You Through Closing

Escrow
When you're closing on your new place, an escrow agent is used to make certain the process will close appropriately and in a specific time frame. A property is said to be in escrow when in the closing process, payment is held by a third party on behalf of a buyer and a seller when the transaction is taking place. PayPal is a simple way to think of an escrow company.

The escrow holder makes sure that the terms and conditions of the agreement between the two parties are met in preparation of the sale being finished.

	Choosing to buy a place for the first time can be confusing. Let us help you. E-mail us at JoeDaniels@residentialvaluationgroup.com.

Escrow holders want to acquire the following pieces of paperwork: 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

Closing on the house takes place when all of the procedures of the escrow are complete. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. The property's title gets transferred to you and title insurance is issued per the steps of your individual escrow agreement.

When closing is done, you'll submit a payment to the escrow holder. I'll keep you coach you on the on the next steps.

The Escrow Holder Will:		The Escrow Holder Won't:
Prepare escrow guidelines Petition title search Comply with the bank's guidelines as noted in the escrow agreement Receive payments from the buyer Prorate tax, interest, insurance and other fees 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 finish instructions		Give advice - the escrow holder must maintain a neutral, third-party status Dispense opinions about tax implications

Mortgage Escrow Account

Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

Now you know more about being in escrow. And, you can be a more confident home buyer and future homeowner.