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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 house or your next house, I'll walk you through the process. Contact me and I'll make sure you're a smart buyer.

    Completing the Transaction

     Craig Jelinek - Sereno Group can walk you through closing - 408-335-1425
    Let's talk about "escrow". When you're closing on your new house, a neutral, third party (known as the escrow holder or the escrow agent) is used to ensure the transaction will close properly and in a specific time frame. 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 compare it to PayPal for online purchases.

    Settling the last details like obtaining funds, finishing forms, obtaining the documents for loans and liens, and making sure you get a clean title to the home before your purchase gets finalized are all part of the job of the escrow holder.

    The pieces of paperwork the escrow holder may obtain include:

    You're ready to close when each step of the done in escrow process. All debts and fees are taken and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then obtain the title to the property and the title insurance gets issued as stated in the escrow instructions.

    When closing is finished, you'll make a payment to the escrow agent. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Perform a title inquiry
    • Comply with the bank's requirements as noted in the escrow agreement
    • Accept payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse payments and finalize instructions

    The Escrow Holder Won't:

    • Advise you - the escrow agent stays a neutral, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Petition title search
    • Comply with the bank's requirements as noted in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finalize instructions
    • Give advice - the escrow company stays a neutral, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is started 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.

    Once you have the rules of the escrow process down, you can be a confident buyer.

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