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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
  • Buying property for the first time can be confusing. I can help. E-mail me at max@sasseenrealtygroup.com .

    What To Expect When You're Closing in Lawton, Oklahoma

     Sasseen Realty Group at Remax Professionals can walk you through closing - 580.248.8817
    First, a little about "escrow". To finish the sale of a house, a neutral, third party (the escrow agent) is brought into the picture to assure the process will close correctly and on time. A house is said to be in escrow when in the closing transaction, funds is secured by a third party on behalf of a buyer and a seller when the exchange of money takes place. For example, in a Web auction, PayPal is the secure third party that holds the buyer's cash, and then disburses the funds to the seller.

    The escrow holder insures that all terms and conditions of the seller's and buyer's contract are reached prior to the sale being completed. This includes receiving monies and documents, filling out required forms, and obtaining the release documents for any loans or liens that have been paid with the transaction, assuring you have a clean title to your property before the purchase price is fully paid.

    The certificates the escrow agent may secure include:

    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 house is then transferred to you as new owner and appropriate title insurance is issued as outlined in the escrow instructions.

    At the close of escrow, payments of funds are made in an acceptable form to the escrow. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Write escrow instructions
    • Request title research
    • Comply with the bank's guidelines as outlined in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees 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 met
    • Disburse monies and finalize instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow agent must stay at a fair, third-party status
    • Dispense opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Petition title research
    • Comply with lender's guidelines as specified 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
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been met
    • Disburse funds and finish instructions
    • Advise you - the escrow holder must maintain a neutral, third-party status
    • Dispense 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. 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.

    Now you know more about how to close on your future home. And, you can be a more confident home buyer and future homeowner.

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