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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 property or your next house, I'll help you through the process. E-mail me at jack@mcsweeney.com to get some free information.

    Completing the Transaction

     RE/MAX Estate Properties can walk you through closing - 310 346-0391
    First, a little about "escrow". When you're closing on your new home, an escrow agent is used to ensure the transaction will close appropriately and in a specific time frame. A house is said to be in escrow when in the closing transaction, money is held by a third party on behalf of a buyer and a seller when the exchange of money takes place. PayPal is a good way to picture an escrow company.

    The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's negotiated agreement are reached prior to the sale being completed. This includes getting funds and paperwork, signing required forms, and getting the release documents for any loans or liens that were paid off with the transaction, assuring you have a clean title to your property before the negotiated price is fully paid.

    Escrow agents look for the following pieces of paperwork:

    Upon finishing of all instructions of the escrow, closing can take place. All payments owed and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). The house's title goes to you and title insurance is issued per the policies of your individual escrow agreement.

    When closing is done, you'll pay the fees to the escrow company. As your real estate agent, I'll let you know what is an acceptable form of payment.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Petition title search
    • Comply with the bank's standards as specified in the escrow agreement
    • Receive funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse funds and finish instructions

    The Escrow Holder Won't:

    • Advise you - the escrow agent stays at an impartial, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Perform a title research
    • Meet the bank's guidelines as noted in the escrow agreement
    • Intake payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse funds and finish instructions
    • Offer advice - the escrow company must stay at a fair, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to pay recurring fees while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    This is a quick run-down of the escrow process. Your individual process could vary depending on your lender and your escrow agent.

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