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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 place, I'll help you through the process. Contact me.

    Closing the Sale in Beverly Hills

     Atlas Real Estate Corporation can walk you through closing - 818.538.9989
    Let's talk about "escrow". An escrow company is hired to assure your property closes on time and the closing process goes smoothly. A property is said to be in escrow when in the closing transaction, funds is held by a third party on behalf of two parties when the transaction is taking place. For example, in an online auction, PayPal is the neutral third party that obtains the buyer's money, and then sends the payment to the seller.

    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 getting funds and paperwork, completing required forms, and getting the release documents for any loans or liens that have been paid with the transaction, assuring you have a clear title to your place before the agreed upon price is fully paid.

    Escrow companies want to obtain the following pieces of paperwork:

    Upon finishing of all portions of the escrow, closing can take place. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the house is then transferred to you as new homeowner and appropriate title insurance is issued as noted in the escrow policy.

    The escrow agent gets a payment at the completion of closing. As your agent, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Petition title inquiry
    • Comply with the bank's guidelines as specified in the escrow agreement
    • Intake payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow company must maintain a neutral, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Request title search
    • Comply with lender's guidelines as outlined in the escrow agreement
    • Accept funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse monies and finalize instructions
    • Advise you - the escrow company must maintain a neutral, third-party status
    • Dispense opinions about the outcome of your taxes

    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.

    Now you know more about how to close on your future home. And, you can be a more confident home buyer and future homeowner.

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