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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 real estate industry jargon scare you from becoming a homeowner. I can help you understand the process. E-mail me at mcouto@mcoutorealtor.com to get some free information.

    First-Time Home Buying: How To Close on a Place

     Rosa Agency can walk you through closing - (201) 997-7860 x16
    Let's talk about "escrow". When you're closing on your new home, an escrow holder is used to assure the process will close without problems and in a timely manner. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an online transaction, PayPal is the neutral third party that holds the buyer's funds, and then sends the payment to the seller.

    Tying up any loose ends like obtaining funds, completing forms, obtaining the documents for loans and liens, and assuring you get a clean title to the property prior to your purchase gets finalized are all part of the job of the escrow holder.

    Escrow holders compile the following documents:

    Closing on the house happens when all of the procedures of the escrow are complete. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. You'll then get the title to the home and the title insurance gets dispersed as outlined in the escrow instructions.

    When closing is done, you'll submit a payment to the escrow company. I'll keep you updated on what comes next.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Request title search
    • Comply with the bank's guidelines as specified in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other legal 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:

    • Tell you what's best - the escrow holder has to remain an impartial, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow instructions
    • Perform a title inquiry
    • Comply with lender's requirements as noted in the escrow agreement
    • Intake funds 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 terms of agreement of seller and buyer are complete
    • Disburse funds and finalize instructions
    • Advise you - the escrow agent must maintain a neutral, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your 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 ABCs of the escrow process down, you can be a more assured buyer.