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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 the unknown keep you from becoming a homeowner. I can help you work your way through the process. E-mail me at libbi@partnershipprop.com .

    The Home is Almost Yours

     Partnership Properties can walk you through closing - (662) 843-8850
    Escrow: An escrow company is brought on to assure your property closes on time and the process goes smoothly. Escrow holders hold money for "safe-keeping" in transactions between a buyer and seller. For example, in an Internet auction, PayPal is the reliable third party that holds the buyer's money, and then disburses the payment 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.

    Escrow holders want to acquire the following pieces of paperwork:

    You're ready to close when all steps are complete in escrow process. At this time, all payments and fees for inspections, title insurance and real estate commissions are taken. The home's title gets transferred to you and title insurance is issued per the policies of your individual escrow agreement.

    When closing is completely finished, you'll pay the fees to the escrow company. I'll keep you updated on what comes next.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Perform a title search
    • Comply with the bank's requirements as outlined in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest 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 met
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow company must stay at a fair, third-party status
    • Offer opinions about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Request title inquiry
    • Meet the bank's guidelines as outlined in the escrow agreement
    • Intake funds from the buyer
    • Prorate insurance, tax, interest 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 have been finished
    • Disburse funds and finish instructions
    • Give advice - the escrow agent has to remain an impartial, third-party status
    • Offer 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Once you have the ABCs of the escrow process down, you can be a confident buyer.

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