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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
  • Don't let inexperience with the real estate industry scare you from becoming a homeowner. I can help you work your way through the process. E-mail me at bhdrealestate@gmail.com .

    Closing the Sale in Beverly Hills

     Atlas Real Estate Corporation can walk you through closing - 818.538.9989
    Escrow: To close the sale of a home, a neutral, third party (the escrow agent) is brought into the picture to assure the process will close appropriately and on time. A house is said to be in escrow when in the closing process, payment is secured by a third party on behalf of a buyer and a seller when the transaction is taking place. For example, in a Web auction, PayPal is the reliable third party that holds the buyer's money, and then sends the funds to the seller.

    Clearing the final hurdles like taking in funds, completing forms, obtaining the documents for loans and liens, and assuring you get a clear title to the home prior to your purchase gets finalized are all part of the job of the escrow company.

    The records the escrow agent may secure include:

    You're ready to close when all parts are complete in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. Title to the house is then given to you as new owner and appropriate title insurance is issued as noted in the escrow policy.

    The escrow agent receives a payment when the closing is complete. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Petition title research
    • Comply with the bank's standards as outlined in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • 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 finish instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow company stays at an impartial, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Perform a title search
    • Meet lender's guidelines as specified in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse funds and finish instructions
    • Advise you - the escrow agent has to remain an impartial, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    This is a simple outline of the escrow process. Your particular methods might be slightly different based on your bank and your escrow company.

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