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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 work your way through the process. Call me at (417) 334-1374.

    Buying Your Next House: Closing

     Rob Robbins can walk you through closing - (417) 334-1374
    Escrow: An escrow company is used to assure your property closes on time and the closing process goes smoothly. A house is said to be in escrow when in the closing process, funds is held by a third party on behalf of a buyer and a seller when the exchange of money takes place. PayPal is a good way to picture an escrow company.

    The escrow holder makes sure that the terms and conditions of the agreement between the seller and buyer are performed in preparation of the sale being finalized.

    The documents the escrow agent may obtain include:

    Closing on the home happens when all of the procedures of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. You'll then secure the title to the property and the title insurance gets dispersed as stated in the escrow instructions.

    At the close of escrow, in an acceptable form to the escrow. I'll keep you updated on what comes next.

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Perform a title inquiry
    • Comply with lender's standards as noted 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 met
    • Disburse monies and finish instructions

    The Escrow Holder Will Not:

    • Offer advice - the escrow company stays at an impartial, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Petition title inquiry
    • Comply with the bank's guidelines as written 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
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse payments and finish instructions
    • Give advice - the escrow agent must stay at a fair, third-party status
    • Give insight about future tax estimations

    Mortgage Escrow Account

    Often, to pay recurring costs while there's a loan on the house, a Mortgage Escrow Account is created. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

    Once you have the basics of the escrow process down, you can be a better buyer.

    Looking to Buy?

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