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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 home or your next house, I'll help you through the process. Call me at (281) 851-4438 and I'll give help you obtain the place you want.

    Escrow 101

     RE/Max Associates Northeast can walk you through closing - (281) 851-4438
    Escrow: To finish the sale of a home, a neutral, third party (the escrow agent) is engaged to assure the process will close correctly and on time. A place is said to be in escrow when in the closing transaction, money is held by a third party on behalf of two parties (in this case, a buyer and a seller) when the transaction is taking place. PayPal is a good way to picture an escrow company.

    The escrow company makes sure that the terms and conditions of the agreement between the seller and buyer are performed in preparation of the sale being completed.

    These are the pieces of paperwork that escrow holders usually compile:

    Closing on the house happens when all of the procedures of the escrow are finished. All expenses like title insurance, inspections and real estate commissions are paid. Title to the home is then given to you as new homeowner and related title insurance is issued as outlined in the escrow instructions.

    At the close of escrow, payment of funds shall be made in an acceptable form to the escrow. I'll keep you up-to-date on what comes next.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Request title research
    • Comply with the bank's guidelines as outlined in the escrow agreement
    • Accept funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Give advice - the escrow company must maintain a neutral, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow instructions
    • Petition title research
    • Comply with the bank's guidelines as written in the escrow agreement
    • Receive funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • 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 monies and finish instructions
    • Advise you - the escrow holder must stay at a fair, third-party status
    • Dispense opinions about future tax estimations

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Escrow Accounts are contributed to monthly by the home buyer (who is now the homeowner), but there is also a lump sum that goes into the account at closing.

    This is a quick run-down of the escrow process. Your specific methods will vary depending on your bank and your escrow holder.

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