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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. I can help. E-mail me at bhdrealestate@gmail.com .

    The Property is Almost Yours

     Atlas Real Estate Corporation can walk you through closing - 818.538.9989
    Let's talk about "escrow". An escrow holder is hired to assure your house closes on time and the closing process goes smoothly. Escrow holders hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an Internet transaction, PayPal is the secure third party that obtains the buyer's money, and then sends the money to the seller.

    The escrow agent insures that all terms and conditions of the seller's and buyer's agreement are performed prior to the sale being finalized. This includes securing monies and paperwork, signing required forms, and obtaining the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a clean title to your house before the negotiated price is fully paid.

    The documents the escrow company may secure include:

    Closing on the house takes place when the steps of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the home and the title insurance gets dispersed as noted in the escrow instructions.

    At the close of escrow, payments are submitted in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Petition title search
    • Comply with lender's requirements as outlined in the escrow agreement
    • Accept funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other 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 Won't:

    • Offer advice - the escrow company must stay at a fair, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Petition title search
    • Comply with the bank's requirements as written in the escrow agreement
    • Intake funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse monies and finalize instructions
    • Offer advice - the escrow holder must stay at a fair, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to pay recurring fees while there is a loan on the house. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    This is a easy to understand guide about the escrow process. Your individual plan will be different based on your bank and your escrow agent.

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