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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 real estate for the first time can be overwhelming. Let me help you. Call me at 818.538.9989 and I'll give all the info you'll need to move forward.

    Buying Your Next House: Closing

     Atlas Real Estate Corporation can walk you through closing - 818.538.9989
    Let's talk about "escrow". When you're closing on your new property, an escrow company is used to guarantee the transaction will close correctly and in a timely manner. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. 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 all terms and conditions of the seller's and buyer's negotiated agreement are completed prior to the sale being completed. This includes securing funds and documents, completing required forms, and getting the release documents for any loans or liens that have been paid with the transaction, assuring you have a free title to your house before the purchase price is fully paid.

    The records the escrow holder may collect include:

    Upon completion of all instructions of the escrow, closing can take place. All outstanding payments and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The house's title gets handed over to you and title insurance begins per the policies of your individual escrow process.

    When closing is done, you'll submit a payment to the escrow agent. I'll keep you informed on what comes next.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Petition title research
    • Comply with lender's standards as written in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Request 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 Will Not:

    • Offer advice - the escrow agent has to remain an impartial, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Request title research
    • Comply with lender's requirements as outlined in the escrow agreement
    • Receive 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 terms of agreement of seller and buyer have been met
    • Disburse monies and finish instructions
    • Give advice - the escrow holder stays at an impartial, third-party status
    • Offer 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.

    Once you have the basics of the escrow process down, you can be a better buyer.

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