Whether it's your first place or your next place, I'll educate you through the process. Contact me.

The House is Almost Yours

 Multi Zone Realty, Inc. can walk you through closing - (818)784-7002
Let's talk about "escrow". An escrow company is used to assure your property closes on time and the money exchanging part of closing goes smoothly. Escrow agents hold money for "safe-keeping" in an exchange between a buyer and seller. For example, in an Internet transaction, PayPal is the secure third party that obtains the buyer's funds, and then sends the payment to the seller.

The escrow holder makes sure that all terms and conditions of the seller's and buyer's contract are reached prior to the sale being finished. This includes getting monies and documents, completing required forms, and seeking out the release documents for any loans or liens that have been paid off with the transaction, assuring you have a clean title to your home before the agreed upon price is fully paid.

These are the records that escrow holders usually look to collect:

  • 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
  • Loan documents

Upon completion of all portions of the escrow, closing can take place. All expenses like title insurance, inspections and real estate commissions are paid. The house's title gets transferred to you and title insurance begins per the steps of your particular escrow agreement.

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

The Escrow Holder Will:

  • Assemble escrow instructions
  • Request title research
  • Meet the bank's standards as noted in the escrow agreement
  • Accept payments from the buyer
  • Prorate insurance, tax, interest and other payments according to guidelines
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been finished
  • Disburse payments and finalize instructions

The Escrow Holder Won't:

  • Offer advice - the escrow company must maintain a neutral, third-party status
  • Give insight about the outcome of your taxes
The Escrow Holder Will:
The Escrow Holder Won't:
  • Prepare escrow guidelines
  • Request title search
  • Comply with lender's standards as outlined in the escrow agreement
  • Accept payments from the buyer
  • Prorate interest, insurance, tax and other payments according to instructions
  • Record deeds and other paperwork as instructed
  • Obtain title insurance policy
  • Close escrow when all terms of agreement of seller and buyer have been met
  • Disburse monies and finish instructions
  • Advise you - the escrow holder must maintain a neutral, third-party status
  • Dispense opinions about future tax estimations

Mortgage Escrow Account

A Mortgage Escrow Account is established to make payments for on-going expenses while there is a loan on the house. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

Now you know more about how to close on your future home. And, you can be a more informed 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.

Your Information
Some Details