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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 the unknown prevent you from becoming a homeowner. I can help you understand the process. Contact me.

    Completing the Transaction

     Rosa Agency can walk you through closing - (201) 997-7860 x16
    Let's talk about "escrow". An escrow holder is used to assure your house closes on time and the closing process goes smoothly. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. An everyday way to understand the concept of what an escrow company does is to think of the use of PayPal for online purchases.

    The escrow holder insures that all terms and conditions of the seller's and buyer's negotiated agreement are reached prior to the sale being finalized. This includes securing monies and records, finishing required forms, and seeking out the release documents for any loans or liens that were cleared with the transaction, assuring you have a free title to your home before the final price is fully paid.

    The pieces of paperwork the escrow agent may collect include:

    Closing on the property happens when all of the procedures of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. The property's title gets transferred to you and title insurance begins per the steps of your particular escrow process.

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

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Request title research
    • Meet the bank's requirements as noted in the escrow agreement
    • Receive funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse payments and finish instructions

    The Escrow Holder Will Not:

    • Tell you what's best - the escrow holder must maintain a neutral, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Perform a title research
    • Comply with lender's requirements as specified in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse payments and finalize instructions
    • Offer advice - the escrow agent must stay at a fair, third-party status
    • Offer opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to pay on-going fees while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    This is a easy to understand guide about the escrow process. Your particular process will be slightly different depending on your bank and your escrow company.