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I'll Champion for You Through Closing

 Atlas Real Estate Corporation can walk you through closing - 818.538.9989
First, a little about "escrow". When you're closing on your new property, an escrow company is used to guarantee the transaction will close appropriately and in a timely manner. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. A simple way to understand the concept of what an escrow company does is to think of how you might use PayPal for online purchases.

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

The pieces of paperwork the escrow holder may secure include:

  • 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
  • Loan documents

You're ready to close when all parts are finished in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. The house's title gets handed over to you and title insurance begins per the policies of your particular escrow process.

The escrow holder gets a payment when the closing is complete. I'll keep you informed on the procedure.

The Escrow Holder Will:

  • Assemble escrow guidelines
  • Petition title inquiry
  • Meet the bank's requirements as written in the escrow agreement
  • Intake 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 instructions of seller and buyer have been met
  • Disburse monies and finish instructions

The Escrow Holder Will Not:

  • Advise you - the escrow agent stays at an impartial, third-party status
  • Dispense opinions about tax implications
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow guidelines
  • Perform a title research
  • Meet lender's requirements as outlined in the escrow agreement
  • Accept funds from the buyer
  • Prorate insurance, tax, interest and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer are complete
  • Disburse funds and finalize instructions
  • Give advice - the escrow holder stays a neutral, third-party status
  • Give insight 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. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

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

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