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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
  • Purchasing a house for the first time can be intimidating. I can help. Contact me and I'll make sure you're a confident buyer.

    Steps to Closing on a Home

     Atlas Real Estate Corporation can walk you through closing - 818.538.9989
    Let's talk about "escrow". When you're closing on your new house, an escrow holder is used to make certain the process will close without problems and in a timely manner. Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller. PayPal is a good way to picture an escrow company.

    Settling the last details like taking in funds, signing forms, securing the documents for loans and liens, and assuring you get a clear title to the property before your purchase gets finalized are all part of the job of the escrow company.

    These are the records that escrow companies usually look to collect:

    Upon completion of all instructions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. The home's title goes to you and title insurance is issued per the steps of your particular escrow process.

    At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. As your real estate professional, I'll let you know what is an acceptable way of paying.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Petition title research
    • Meet the bank's guidelines as written in the escrow agreement
    • Intake payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse monies and finish instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow holder must maintain a neutral, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Petition title inquiry
    • Meet the bank's requirements as noted in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse monies and finalize instructions
    • Advise you - the escrow company must maintain a neutral, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to make payments for recurring expenses 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.

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

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