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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 property or your next home, I'll advise you through the process. Contact me and I'll help you become a well-informed buyer.

    What is Escrow?

     Sasseen Realty Group at Remax Professionals can walk you through closing - 580.248.8817
    Let's talk about "escrow". To finalize the sale of a place, a neutral, third party (the escrow holder) is employed to assure the process will close correctly and on time. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. For example, in an Internet auction, PayPal is the secure third party that obtains the buyer's money, and then sends the funds to the seller.

    The escrow company insures that all terms and conditions of the seller's and buyer's contract are completed prior to the sale being finalized. This includes getting funds and paperwork, completing required forms, and getting the release documents for any loans or liens that are to be paid off with the transaction, assuring you have a clean title to your home before the asking price is fully paid.

    Escrow holders want to acquire the following records:

    Closing on the property 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 property is then given to you as buyer and correct title insurance is issued as noted in the escrow policy.

    The escrow holder gets a payment at the completion of closing. I'll keep you updated on the next steps.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Request title inquiry
    • Comply with the bank's guidelines as outlined in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse monies and finalize instructions

    The Escrow Holder Will Not:

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

    Mortgage Escrow Account

    Creating a Mortgage Escrow Account helps keep track of on-going expenses while there's a loan on your house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    This is a quick run-down of the escrow process. Your specific plan might be different based on your lender and your escrow company.

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