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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
  • The process of buying a home for the first time can be intimidating. Let me help you. Call me at (417) 334-1374.

    First-Time Home Buying: How To Close on a Property

     Rob Robbins can walk you through closing - (417) 334-1374
    Let's talk about "escrow". An escrow agent is used to assure your property closes on time and the money exchanging part of closing goes smoothly. Escrow companies hold money for "safe-keeping" in a deal between a buyer and seller. PayPal is a good example of an escrow company.

    The escrow company makes sure that all terms and conditions of the seller's and buyer's negotiated agreement are completed prior to the sale being completed. This includes securing funds and records, filling out required forms, and obtaining the release documents for any loans or liens that were paid with the transaction, assuring you have a clean title to your house before the asking price is fully paid.

    Escrow agents want to obtain the following documents:

    Upon completion of all instructions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. You'll then receive the title to the property and the title insurance gets dispersed as stated in the escrow instructions.

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

    The Escrow Holder Will:

    • Write escrow instructions
    • Perform a title inquiry
    • Comply with the bank's requirements as written in the escrow agreement
    • Receive payments from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse funds and finish instructions

    The Escrow Holder Won't:

    • Give advice - the escrow agent has to remain an impartial, third-party status
    • Offer opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Petition title research
    • Meet the bank's standards as outlined in the escrow agreement
    • Accept funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer have been finished
    • Disburse funds and finalize instructions
    • Give advice - the escrow holder must stay at a fair, third-party status
    • Dispense 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. 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.

    Once you're familiar with the escrow process, you can be a better buyer.

    Looking to Buy?

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