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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 understand the process. E-mail me at bhdrealestate@gmail.com to get some free information.

    Escrow 101

     Atlas Real Estate Corporation can walk you through closing - 818.538.9989
    Let's talk about "escrow". To close the sale of a property, a neutral, third party (the escrow holder) is engaged to assure the transaction will close appropriately and on time. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. An everyday way to understand what an escrow company does is to think of the use of PayPal for Internet purchases.

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

    Escrow holders compile the following documents:

    Upon finishing of all portions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are collected. Title to the property is then given to you as new owner and appropriate title insurance is issued as outlined in the escrow instructions.

    When closing is in it's last step, you'll make a payment to the escrow company. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Request title search
    • Comply with lender's standards as noted in the escrow agreement
    • Receive funds from the buyer
    • Prorate tax, interest, insurance and other fees 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 complete
    • Disburse funds and finalize instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow holder has to remain an impartial, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Perform a title search
    • Meet the bank's standards as outlined in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse payments and finish instructions
    • Offer advice - the escrow holder must stay at a fair, 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.

    Once you're familiar with the escrow process, you can be a more assured buyer.

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