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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 scare you from becoming a homeowner. I can help you become knowledgeable about the process. Call me at (417) 334-1374.

    Escrow 101

     Rob Robbins can walk you through closing - (417) 334-1374
    Let's talk about "escrow". When you're closing on your new house, an escrow company is used to guarantee the process will close properly and in a specific time frame. When payment is held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in a Web purchase, PayPal is the secure third party that obtains the buyer's cash, and then sends the money to the seller.

    The escrow company makes sure that the terms and conditions of the agreement between the two parties are reached prior to the sale being finished.

    These are the documents that escrow agents usually look to collect:

    Upon finishing of all portions of the escrow, closing can take place. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. You'll then receive the title to the home and the title insurance gets issued as noted in the escrow instructions.

    The escrow company gets a payment when the closing is complete. As your real estate agent, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Write escrow instructions
    • Request title research
    • Comply with the bank's requirements as noted in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse funds and finish instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow holder has to remain an impartial, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Write escrow guidelines
    • Request title search
    • Meet lender's standards as specified in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse funds and finish instructions
    • Advise you - the escrow agent has to remain an impartial, third-party status
    • Give insight about tax implications

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to make payments for recurring expenses while there is a loan on the 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 being in escrow. And, you can be a better informed home buyer and future homeowner.

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