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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
  • Buying real estate for the first time can be confusing. Let me help you. E-mail me at karl@multizonerealty.com to get some free information.

    What To Expect When You're Closing in Sherman Oaks, California

     Multi Zone Realty, Inc. can walk you through closing - (818)784-7002
    Escrow: When you're closing on your new house, a neutral, third party (known as the escrow holder or the escrow agent) is used to ensure the transaction will close properly and in a certain amount of time. A house is said to be in escrow when in the closing transaction, funds is secured by a third party on behalf of two parties (in this case, a buyer and a seller) when the exchange of money takes place. An easy way to understand what an escrow company does is to compare it to PayPal for online purchases.

    The escrow company makes sure that all terms and conditions of the seller's and buyer's agreement are reached prior to the sale being completed. This includes securing monies and records, signing required forms, and seeking out the release documents for any loans or liens that have been cleared with the transaction, assuring you have a clear title to your property before the asking price is fully paid.

    Escrow agents compile the following records:

    Upon finishing of all instructions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. Title to the property is then given to you as new owner and appropriate title insurance is issued as noted in the escrow instructions.

    When closing is in it's last step, you'll make a payment to the escrow company. I'll keep you updated on what comes next.

    The Escrow Holder Will:

    • Assemble escrow guidelines
    • Petition title inquiry
    • Meet the bank's guidelines as outlined in the escrow agreement
    • Receive payments from the buyer
    • Prorate insurance, tax, interest and other payments 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 met
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Give advice - the escrow company stays a neutral, third-party status
    • Give insight about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Perform a title search
    • Meet lender's guidelines as written in the escrow agreement
    • Accept funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other paperwork as instructed
    • Obtain title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse monies and finish instructions
    • Offer advice - the escrow holder has to remain an impartial, third-party status
    • Offer opinions about future tax estimations

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to make payments for rolling expenses while there is a loan on the 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.

    Now you know more about how to close on your future home. And, you can be a smarter home buyer and future homeowner.

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