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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 inexperience with the real estate industry scare you from becoming a homeowner. I can help you understand the process. E-mail me at karl@multizonerealty.com .

    Buying Your Next House: Closing

     Multi Zone Realty, Inc. can walk you through closing - (818)784-7002
    Escrow: To close the sale of a home, a neutral, third party (the escrow company) is engaged to assure the transaction will close correctly and on time. A property is said to be in escrow when in the closing process, funds is held by a third party on behalf of two parties when the transaction is taking place. For example, in an Internet auction, PayPal is the reliable third party that obtains the buyer's cash, and then hands over the funds to the seller.

    Clearing the final hurdles like receiving funds, finishing forms, securing the documents for loans and liens, and assuring you get a spotless title to the property in preparation of your purchase gets finalized are all parts of closing in which an escrow agent is useful.

    Escrow agents want to obtain the following pieces of paperwork:

    Closing on the property takes place when the steps of the escrow are finished. All debts and fees are taken and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). You'll then obtain the title to the home and the title insurance gets dispersed as outlined in the escrow instructions.

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

    The Escrow Holder Will:

    • Assemble escrow instructions
    • Petition title research
    • Comply with the bank's requirements as noted in the escrow agreement
    • Accept funds from the buyer
    • Prorate insurance, tax, interest 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 have been finished
    • Disburse monies and finish instructions

    The Escrow Holder Will Not:

    • Advise you - the escrow agent stays at an impartial, third-party status
    • Dispense opinions about the outcome of your taxes
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Assemble escrow guidelines
    • Petition title inquiry
    • Comply with lender's requirements as specified in the escrow agreement
    • Intake funds from the buyer
    • Prorate tax, interest, insurance and other fees according to instructions
    • Record deeds and other documents as instructed
    • Request title insurance policy
    • Close escrow when all instructions of seller and buyer are complete
    • Disburse monies and finalize instructions
    • Give advice - the escrow agent stays a neutral, third-party status
    • Dispense 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. Generally, the Escrow Account is partially funded at closing and the home buyer makes on-going contributions through their monthly mortgage payment.

    Once you have the ABCs of the escrow process down, you can be a informed buyer.

    Looking to Buy?

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