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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 inexperience with the real estate industry keep you from becoming a homeowner. I can help you become knowledgeable about the process. E-mail me at max@sasseenrealtygroup.com .

    Escrow 101

     Sasseen Realty Group at Remax Professionals can walk you through closing - 580.248.8817
    Escrow: When you're closing on your new house, an escrow company is used to guarantee the process will close correctly and in a timely manner. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. A simple way to understand the concept of what an escrow company does is to compare it to PayPal for online purchases.

    The escrow holder makes sure that the terms and conditions of the agreement between the sellers and the buyers are reached in preparation of the sale being completed.

    These are the records that escrow companies usually look for:

    Closing on the home takes place when all of the procedures of the escrow are complete. At this time, all payments and dues for inspections, title insurance and real estate commissions are taken. You'll then secure the title to the home and the title insurance gets issued as noted in the escrow instructions.

    At the close of escrow, payments of funds are made in an acceptable form to the escrow. I'll keep you up-to-date on the next steps.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Perform a title inquiry
    • Comply with the bank's guidelines as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse monies and finalize instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow agent must maintain a neutral, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Request title search
    • Comply with the bank's requirements as specified in the escrow agreement
    • Intake payments 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 instructions of seller and buyer are met
    • Disburse funds and finish instructions
    • Advise you - the escrow holder stays a neutral, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    This is a quick run-down of the escrow process. Your particular process might be unique based on your lender and your escrow holder.

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