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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
  • The process of buying real estate for the first time can be confusing. Let me help you. Call me at (818)784-7002 and I'll give you more information.

    Closing the Sale in Sherman Oaks, California

     Multi Zone Realty, Inc. can walk you through closing - (818)784-7002
    Let's talk about "escrow". When you're closing on your new property, an escrow holder is used to assure the transaction will close without problems and in a timely manner. When funds are held by a third party in a transaction between a buyer and a seller, it's in escrow. For example, in an online auction, PayPal is the neutral third party that holds the buyer's money, and then sends the money to the seller.

    The escrow agent makes sure that the terms and conditions of the agreement between the seller and buyer are met prior to the sale being finished.

    Escrow companies want to acquire the following pieces of paperwork:

    Closing on the house happens when all of the procedures of the escrow are done. All expenses like title insurance, inspections and real estate commissions are paid. The property's title is given to you and title insurance begins per the policies of your particular escrow process.

    The escrow holder gets a payment at the completion of closing. You'll know when it's time to submit the form of payment.

    The Escrow Holder Will:

    • Write escrow guidelines
    • Perform a title research
    • Comply with the bank's standards as noted 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
    • Obtain title insurance policy
    • Close escrow when all terms of agreement of seller and buyer have been finished
    • Disburse payments and finish instructions

    The Escrow Holder Won't:

    • Advise you - the escrow agent must maintain a neutral, third-party status
    • Dispense opinions about tax implications
    The Escrow Holder Will:
    The Escrow Holder Won't:
    • Prepare escrow guidelines
    • Petition title inquiry
    • Meet lender's guidelines as written in the escrow agreement
    • Accept payments from the buyer
    • Prorate tax, interest, insurance and other fees 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 stays a neutral, third-party status
    • Offer opinions about the outcome of your taxes

    Mortgage Escrow Account

    A Mortgage Escrow Account is used to pay recurring 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.

    Once you're familiar with the escrow process, you can be a informed buyer.

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