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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 house or your next property, I'll walk you through the process. E-mail me at max@sasseenrealtygroup.com to get some free information.

    Completing the Transaction

     Sasseen Realty Group at Remax Professionals can walk you through closing - 580.248.8817
    First, a little about "escrow". A neutral, third party (known as the escrow holder or the escrow agent) is hired to assure your home closes on time and the closing process goes smoothly. A home is said to be in escrow when in the closing process, money is secured by a third party on behalf of two parties when the exchange of money takes place. For example, in an Internet auction, PayPal is the reliable third party that holds the buyer's money, and then disburses the funds to the seller.

    The escrow company makes sure that the terms and conditions of the agreement between the sellers and the buyers are performed in preparation of the sale being finalized.

    The pieces of paperwork the escrow holder may secure include:

    Closing on the property happens when all of the procedures of the escrow are finished. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. Title to the house is then given to you as new owner and related title insurance is issued as outlined in the escrow instructions.

    When closing is completely finished, you'll make a payment to the escrow holder. I'll keep you up-to-date on the procedure.

    The Escrow Holder Will:

    • Write escrow instructions
    • Request title research
    • Meet the bank's standards as specified in the escrow agreement
    • Intake payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse funds and finalize instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow agent stays a neutral, third-party status
    • Offer opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Request title inquiry
    • Meet the bank's guidelines as written in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are met
    • Disburse funds and finalize instructions
    • Tell you what's best - the escrow company stays a neutral, third-party status
    • Dispense opinions about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is established to make payments for rolling expenses while there is a loan on the house. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    This is a easy to understand guide about the escrow process. Your individual process will be unique based on your bank and your escrow agent.

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