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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 real estate industry jargon scare you from becoming a homeowner. I can help you understand the process. Call me at (662) 843-8850 and I'll give all the info you'll need to move forward.

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

     Partnership Properties can walk you through closing - (662) 843-8850
    Escrow: To finalize the sale of a home, a neutral, third party (the escrow agent) is employed to assure the process will close properly and on time. When money is held by a third party in a transaction between a buyer and a seller, it's in escrow. An easy way to understand the concept of what an escrow company does is to compare it to PayPal for Internet purchases.

    Tying up any loose ends like receiving funds, finishing forms, getting the documents for loans and liens, and assuring you get a spotless title to the property in preparation of your purchase gets finalized are all parts of closing in which an escrow company is useful.

    The certificates the escrow company may collect include:

    Closing on the house takes place when all of the procedures of the escrow are done. All outstanding payments and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then secure the title to the home and the title insurance gets issued as stated in the escrow instructions.

    When closing is completed, you'll make a payment to the escrow agent. As your REALTOR, I'll inform you of the acceptable form of payment.

    The Escrow Holder Will:

    • Write escrow instructions
    • Request title search
    • Comply with lender's requirements as noted in the escrow agreement
    • Receive funds from the buyer
    • Prorate insurance, tax, interest and other payments according to instructions
    • Record deeds and other documents as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer have been met
    • Disburse monies and finalize instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow agent must stay at a fair, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Perform a title search
    • Comply with the bank's requirements as noted 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 finished
    • Disburse monies and finish instructions
    • Advise you - the escrow agent stays at an impartial, third-party status
    • Offer 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 comfortable with the escrow process, you can be a better buyer.

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