Whether it's your first place or your next place, I'll help you through the process. E-mail me at tesja22@gmail.com to get some free information.

Closing the Sale in Concord

 Premier Real Estate Team, Inc can walk you through closing - 7047921900
Escrow: When you're closing on your new house, an escrow holder is used to make certain the process will close correctly and in a certain amount of time. A property is said to be in escrow when in the closing process, payment is held by a third party on behalf of a buyer and a seller when the transaction is taking place. For example, in an Internet auction, PayPal is the neutral third party that obtains the buyer's cash, and then hands over the payment to the seller.

The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are performed prior to the sale being finalized.

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

  • Requests for payment for various services to be paid out of escrow funds
  • Loan documents
  • Tax statements
  • Fire and other insurance policies
  • Title insurance policies
  • Terms of sale and any seller-assisted financing

You're ready to close when all parts are finished in escrow process. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. Title to the home is then transferred to you as new homeowner and related title insurance is issued as noted in the escrow instructions.

At the close of escrow, fees are paid in an acceptable form to the escrow. I'll keep you informed on the next steps.

The Escrow Holder Will:

  • Prepare escrow guidelines
  • Perform a title inquiry
  • Comply with lender's standards as written in the escrow agreement
  • Intake 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 monies and finish instructions

The Escrow Holder Won't:

  • Advise you - the escrow company has to remain an impartial, third-party status
  • Dispense opinions about future tax estimations
The Escrow Holder Will:
The Escrow Holder Won't:
  • Write escrow instructions
  • Request title research
  • Meet the bank's requirements as written in the escrow agreement
  • Accept funds from the buyer
  • Prorate tax, interest, insurance and other fees according to instructions
  • Record deeds and other legal documents as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse funds and finish instructions
  • Tell you what's best - the escrow company stays a neutral, third-party status
  • Offer opinions 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. 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 simple outline of the escrow process. Your specific plan might be slightly different depending on your lender and your escrow holder.

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