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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 place or your next house, I'll walk you through the process. Contact me and I'll help you become a smart buyer.

    Steps to Closing on a House

     Rosa Agency can walk you through closing - (201) 997-7860 x16
    Escrow: To finish the sale of a place, a neutral, third party (the escrow agent) is brought into the picture to assure the process will close properly and on time. Escrow holders hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an Internet auction, PayPal is the secure third party that obtains the buyer's cash, and then sends the money to the seller.

    The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's agreement are reached prior to the sale being completed. This includes securing payments and paperwork, completing required forms, and seeking out the release documents for any loans or liens that have been paid off with the transaction, assuring you have a free title to your house before the purchase price is fully paid.

    These are the legal documents that escrow holders usually look for:

    You're ready to close when all parts are finished in escrow process. All debts and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then get the title to the house and the title insurance gets issued as outlined in the escrow instructions.

    At the close of escrow, payments are submitted in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Petition title search
    • Meet the bank's requirements as specified in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse monies and finish instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow company stays at an impartial, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Perform a title inquiry
    • Meet the bank's guidelines as noted in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse funds and finalize instructions
    • Give advice - the escrow holder has to remain an impartial, third-party status
    • Offer 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    Once you have the ABCs of the escrow process down, you can be a informed buyer.