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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 become knowledgeable about the process. Contact me.

    Completing the Transaction

     Multi Zone Realty, Inc. can walk you through closing - (818)784-7002
    Let's talk about "escrow". To close the sale of a property, a neutral, third party (the escrow agent) is employed to assure the process will close perfectly and on time. Escrow agents hold money for "safe-keeping" in transactions between a buyer and seller. An easy 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 reached prior to the sale being completed. This includes receiving monies and paperwork, completing required forms, and obtaining the release documents for any loans or liens that have been cleared with the transaction, assuring you have a clean title to your place before the agreed upon price is fully paid.

    The documents the escrow agent may collect include:

    Upon completion of all portions of the escrow, closing can take place. At this time, all payments and dues for inspections, title insurance and real estate commissions are paid out. Title to the property is then transferred to you as new owner and correct title insurance is issued as outlined in the escrow policy.

    When closing is completely finished, you'll pay the fees to the escrow holder. As your agent, I'll inform you of the acceptable way of paying.

    The Escrow Holder Will:

    • Prepare escrow instructions
    • Perform a title inquiry
    • Comply with lender's requirements as written in the escrow agreement
    • Intake funds from the buyer
    • Prorate interest, insurance, tax and other payments according to guidelines
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse funds and finalize instructions

    The Escrow Holder Won't:

    • Tell you what's best - the escrow company stays a neutral, third-party status
    • Give insight about future tax estimations
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow instructions
    • Petition title search
    • Meet the bank's requirements as outlined in the escrow agreement
    • Receive funds from the buyer
    • Prorate tax, interest, insurance and other fees according to guidelines
    • Record deeds and other legal documents as instructed
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer are complete
    • Disburse payments and finish instructions
    • Tell you what's best - the escrow holder must maintain a neutral, 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. Though most home buyers make payments via their monthly mortgage payment, Escrow Accounts are deposited into at closing as well.

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

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