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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
  • Whether it's your first home or your next house, I'll help you through the process. E-mail me at karl@multizonerealty.com to get some free information.

    The Property is Almost Yours

     Multi Zone Realty, Inc. can walk you through closing - (818)784-7002
    Escrow: To complete the sale of a house, a neutral, third party (the escrow agent) is engaged to assure the transaction will close properly and on time. Escrow companies hold money for "safe-keeping" in an exchange between a buyer and seller. For example, in a Web transaction, PayPal is the reliable third party that holds the buyer's money, and then disburses the payment to the seller.

    The escrow company insures that all terms and conditions of the seller's and buyer's agreement are completed prior to the sale being finalized. This includes receiving funds and paperwork, signing required forms, and getting the release documents for any loans or liens that have been paid off with the transaction, assuring you have a clear title to your property before the negotiated price is fully paid.

    The records the escrow holder may obtain include:

    Upon completion of all instructions of the escrow, closing can take place. All outstanding payments and fees are collected and paid off at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the house is then transferred to you as new owner and related title insurance is issued as noted in the escrow instructions.

    When closing is completed, you'll make a payment to the escrow company. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Request title research
    • Comply with the bank's guidelines as written in the escrow agreement
    • Receive payments from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other paperwork as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are met
    • Disburse payments and finalize instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow agent stays at an impartial, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Perform a title inquiry
    • Comply with lender's guidelines as specified in the escrow agreement
    • Accept payments from the buyer
    • Prorate insurance, tax, interest 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 are met
    • Disburse funds and finish instructions
    • Give advice - the escrow company stays a neutral, third-party status
    • Dispense opinions about the outcome of your taxes

    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.

    Now you know more about being in escrow. And, you can be a more confident home buyer and future homeowner.

    Looking to Buy?

    Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

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