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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 house for the first time can be confusing. I can help. E-mail me at libbi@partnershipprop.com .

    What is Escrow?

     Partnership Properties can walk you through closing - (662) 843-8850
    First, a little about "escrow". To close the sale of a place, a neutral, third party (the escrow agent) is engaged to assure the transaction will close correctly and on time. A house is said to be in escrow when in the closing transaction, funds is held by a third party on behalf of a buyer and a seller when the transaction is taking place. An everyday way to think of what an escrow company does is to compare it to PayPal for Internet purchases.

    The escrow holder is careful to assure that all terms and conditions of the seller's and buyer's negotiated agreement are performed prior to the sale being completed. This includes getting payments and certificates, filling out required forms, and getting the release documents for any loans or liens that were cleared with the transaction, assuring you have a free title to your property before the final price is fully paid.

    Escrow agents compile the following documents:

    You're ready to close when every step is finished in escrow process. All expenses like title insurance, inspections and real estate commissions are paid. You'll then get the title to the home and the title insurance gets issued as agreed upon in the escrow instructions.

    When closing is completed, you'll make a payment to the escrow agent. I'll keep you informed on the procedure.

    The Escrow Holder Will:

    • Prepare escrow guidelines
    • Petition title search
    • Comply with lender's guidelines as noted in the escrow agreement
    • Intake payments 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 instructions of seller and buyer have been finished
    • Disburse monies and finish instructions

    The Escrow Holder Won't:

    • Offer advice - the escrow holder has to remain an impartial, third-party status
    • Give insight about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Petition title inquiry
    • Meet lender's standards as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate interest, insurance, tax and other payments according to instructions
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse payments and finish instructions
    • Give advice - the escrow agent has to remain an impartial, third-party status
    • Offer opinions 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. Usually, the home buyer makes a payment at closing and also makes regular deposits through their monthly mortgage payment to fund the Escrow Account.

    Once you're at ease with the escrow process, you can be a informed buyer.

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