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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 place or your next property, I'll help you through the process. Call me at 818.538.9989 and I'll give help you obtain the house you want.

    Closing the Sale in Beverly Hills

     Atlas Real Estate Corporation can walk you through closing - 818.538.9989
    Let's talk about "escrow". When you're closing on your new place, an escrow company is used to insure the transaction will close without problems and in a timely manner. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an online purchase, PayPal is the neutral third party that holds the buyer's payment, and then sends the payment to the seller.

    The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are completed in preparation of the sale being completed.

    These are the legal documents that escrow agents usually look for:

    Closing on the house happens when all of the procedures of the escrow are done. At this time, all payments and dues for inspections, title insurance and real estate commissions are collected. Title to the property is then given to you as buyer and related title insurance is issued as outlined in the escrow instructions.

    At the close of escrow, 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
    • Request title search
    • Comply with the bank's standards as noted in the escrow agreement
    • Intake funds from the buyer
    • Prorate tax, interest, insurance and other fees 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 have been met
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow agent must stay at a fair, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Petition title search
    • Comply with lender's requirements as outlined in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse payments and finalize instructions
    • Offer advice - the escrow company 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 informed home buyer and future homeowner.

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